Aug 9 (Reuters) - Dorel Industries Inc’s quarterly profit rose on higher sales in its juvenile business, and the company raised its dividend.
The company raised its quarterly dividend to 30 cents from 15 cents.
Dorel, which manufactures bicycle and children’s products, said second-quarter net income rose to $30.3 million, or 95 cents per share, from $23 million, or 70 cents per share, a year earlier.
Revenue rose 2.4 percent to $633.7 million. Revenue in its juvenile segment rose 4.4 percent to 254.8 million.
Operating profit in the juvenile segment rose 15 percent.
Revenue in its recreation and leisure division, which specializes in bicycles, rose 1 percent to $251.9 million.
The Montreal-based company’s brands include Safety 1st, Maxi-Cosi in juvenile products, as well as Schwinn and Mongoose bicycles.
Shares of Dorel were up 2 percent at C$28.20 on Thursday morning on the Toronto Stock Exchange.