NEW YORK (BRAIN) — Dorel Sports — a division of Dorel Industries that includes the Cycling Sports Group, the parent of Cannondale and GT — posted double-digit organic revenue growth and significant operating profit improvement in its fourth quarter, the company reported Thursday.
For the full fiscal year, Dorel Sports recorded an operating loss of $229.1 million, which the company said was due to a noncash impairment charge unrelated to operations. Excluding the impairment charge, the division had an adjusted operating profit of $19.9 million, down 9.3 percent from its profits in 2017. The impairment was related to a decline in stock value and included write-downs for goodwill, intangible assets and property, plant and equipment, restructuring and other costs.
Dorel said the fourth quarter growth at CSG came thanks to sales growth in Europe and in the U.S. sporting goods channel.
For the year, Dorel Sports’ revenue rose 2 percent to $883 million. After accounting for currency value fluctuations and the sale of its Sugoi and Sombrio divisions to Louis Garneau, Dorel Sports revenues were up by approximately 3.4 percent.
Dorel Industries total revenue for the fourth quarter …read more