05:24 PM EDT, 03/11/2024 (MT Newswires) -- Dorel Industries (DII-B.TO) on Monday it returned to an adjusted profit in the fourth quarter on higher revenue.

The baby products and home furnishings company said its adjusted profit, which excludes most one-time items, was US$0.19 million, or US$0.01 per share, in the period, compared with an adjusted loss of US$39.8 million, or US$1.22, in the year-prior quarter.

Its net loss, including items was US$3.76 million, or US$0.12, compared to a loss of US$45.35 million, or US$1.27.

Revenue rose 3.1% to US$350.68 million from US$340.26 million.

"Dorel Juvenile continued its trend of quarter-over-quarter earnings improvement in 2023 and delivered its best quarterly adjusted operating profit since the first quarter of 2017. We are gaining market share in our major markets and for the year, revenues grew 2.4% versus the prior year with an adjusted earnings turnaround of almost US$59.0 million. We are well on our way to getting Juvenile back on a solid footing. Dorel Home's fourth quarter was disappointing as the furniture market did not rebound as anticipated," chief executive Martin Schwartz said in a release.

The company said it is put a cost-reduction plan in place "mostly at Dorel Home", which saved US$4.5 million in the fourth quarter and is expected to generate US$6.5 million in annual savings. It does not expect its first quarter performance to match that of the fourth quarter of last year due to seasonality.

Dorel's Class B shares closed down C$0.30 to C$5.95 on the Toronto Stock Exchange.