MONTREAL – A recording-setting performance from its home furnishings segment propelled fourth quarter and full-year earnings into the black for consumer goods giant Dorel Inds., reversing the net losses recorded for the same periods in 2014.

Revenue for the three months ending Dec. 31 was $668.9 million, down 4.6% from $701 million a year ago.

However, the company stressed that organic revenue, adjusted for foreign exchange variations and business acquisitions, increased by about 4% during the quarter.

Dorel, which reports its financial results in U.S. dollars, said net income for the quarter was $6.6 million or 20 cents per share, reversing a net loss of $80.7 million or $2.50 per share for the comparable period.

Revenue for the 2015 calendar year remained flat compared to the prior year at $2.68 billion. Once again, the company said organic revenue was up approximately 4%.

Net income was $25.7 million or 79 cents per share, reversing a net loss of $21.3 million or 66 cents per share a year ago.

Dorel noted earnings were negatively impacted by a number of factors, including the appreciation of the U.S. dollar. Other factors included impairment losses on goodwill and intangible assets; restructuring and other costs; and, the re-measurement of forward purchase agreement liabilities totalling $32.3 million or 99 cents per share in 2015 and $105.2 million or $3.25 per share in 2014.

“2015 was characterized by good performances in many of our markets overshadowed by challenging currency rates. Overall for the year, these adverse exchange rates impacted our earnings by approximately $43 million pre-tax,” said Martin Schwartz, Dorel’s president and CEO.

“Excluding this impact, we would have exceeded prior year earnings for the year. Each of our foreign-based divisions responded to these currency challenges over the course of the year, as reflected in our fourth quarter results which exceeded last year,” he continued, adding, “Our investments and success in becoming a true omni-channel supplier were evidenced by recent recognition from Wal-Mart in the U.S., where Dorel won the Wal-Mart Supplier of the Year Award specifically for omni-channel excellence.”

Dorel’s home furnishings segment saw it fourth quarter revenue increase by $10.5 million, or 6.9% to $162.2 million compared to the prior year’s $151.7 million.

For the year, revenue in that segment increased 16.1% to $643.2 million.

“Revenue gains for both the quarter and the year were led by increases in e-commerce sales, which accounted for 44% of total segment sales in the quarter and 37% of sales for the year,” Schwartz noted.

The home furnishings segment includes RTA producer Ameriwood, mattress specialist Signature Sleep, as well as Altra Furniture, Cosco Home & Office, Dorel Asia and Dorel Home Products.

The segment’s operating profit for the quarter was $9.5 million, an increase of 81.7% from the $5.2 million of the prior year. For the year, operating profit jumped 57.6% to $37.9 million.

“Investments in technology and infrastructure have allowed Dorel to become best in-class in servicing customers’ and consumers’ e-commerce needs,” the company said. “E-commerce is a crucial sales channel for furniture companies and Dorel’s investment in enhanced technology, improvements in shipping and warehousing and superior customer service all support the e-commerce growth that the segment has delivered.”

Meanwhile, Dorel’s juvenile segment, which produces car seats and other products for baby and toddler market, saw its fourth quarter revenue shrink 12.5% to $253 million, although its operating profit was up to $3 million, reversing a loss for the prior year. Revenue for the year fell 2.9% to $1.04 billion.

Dorel’s sport segment, which produces bicycles and athletic wear, saw fourth-quarter revenue fall 2.5% to $253.7 million, while its operating profit fell 12.2% to $8.4 million. Revenue for the year fell 5% to $1 billion and operating profit dropped 80.5% to $10.9 million.

However, Schwartz told analysts Dorel management is confident things will improve in 2016.

“Overall, we finished 2015 with a quarter that exceeded prior year in both organic sales growth and pre-tax profit,” he said, adding, earnings improvement should occur in all three segments, assuming the global economy doesn’t deteriorate any further and exchange rates stabilize.

“In home furnishings, we are seeing the momentum from 2015 carry over into 2016 and we expect to exceed our record 2015 results with strong earnings growth in 2016,” Schwartz said.