August 12, 2009 / 12:55 PM / 9 years ago

UPDATE 1-Dorel profit hurt by recession, forex

*EPS ex-items $1.01 vs consensus $0.79

*2009 included $12.6 mln losses on forex contracts

*Revenue down 7.2 pct at $551.1 mln (In U.S. dollars. Adds details)

TORONTO, Aug 12 (Reuters) - Dorel Industries Inc (DIIb.TO) reported a lower quarterly profit on Wednesday as weak consumer confidence and losses on foreign contracts bit into results.

The Montreal-based company, whose products include ready-to-assemble furniture, Safety 1st children’s products, and bicycles, said it earned $24.8 million, or 74 cents a share during its second quarter, down from $31.3 million, or 94 cents a share for the same time last year.

The company said the 2009 results included $12.6 million of mark-to-market losses on foreign exchange contracts.

Excluding the losses, the company said it would have earned $1.01 a share.

Revenue fell 7.2 percent to $551.1 million.

Analysts, on average, had expected earnings of 79 cents a share before items and revenue of $566.4 million, according to Reuters Estimates.

Sales in its juvenile furniture division fell 13.3 percent to $244.7 million, while sales in the recreation and leisure product division were up 2.1 percent at $199.1 million. Home furnishings revenue dropped 2.7 percent to $217.2 million. ($1=$1.10 Canadian) (Reporting by Scott Anderson, editing by Gerald E. McCormick)

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