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Dorel Industries Inc. (DIIBF) Q2 2023 Earnings Call Transcript

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Dorel Industries Inc. (OTCPK:DIIBF) Q2 2023 Earnings Conference Call August 11, 2023 1:00 PM ET

Company Participants

Martin Schwartz - President, Chief Executive Officer

Jeffrey Schwartz - Chief Financial Officer

Frank Rana - VP of Finance

Conference Call Participants

Derek Lessard - TD Cowen

Stephen MacLeod - BMO Capital Markets


Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Dorel Industries Second Quarter 2023 Results Conference Call. At this time all participants are in listen-only mode. Following the presentation we will conduct a question-and-answer session. [Operator Instructions].

Before turning the meeting over to management, please be advised that this conference call will contain statements that are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. I would like to remind everyone that this conference call is being recorded today, August 11, 2023.

I will now turn the conference over to Martin Schwartz, President and CEO. Please go ahead.

Martin Schwartz

Great, thank you. Good afternoon, and thank all you for joining us for Dorel's second quarter earnings call for the period ended June 30. With me are Jeffrey Schwartz, CFO; and Frank Rana, VP of Finance. We will take your questions following our comments. Again, all figures mentioned during this call are in U.S. dollars.

I am pleased to report that both our business showed signs of improving trends during the second quarter. Underlining this progress is that adjusted operating losses for Dorel Juvenile and Dorel Home combined improved by $13 million compared to Q1 this year.

The teams at Juvenile have done a great job and the segment posted its first profitable quarter since Q3 of 2021. Europe posted substantial top and bottom line gains as new product launches, in particular, the 360 Pro Family

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