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From Home Furnishing Business

American Furniture Mfg. Owner Reports on Q3

November 6, 2014  by in Financial Reports, Industry   

Despite the drop in sales, Compass Diversified reported almost quadrupled net income to $262.5 million. That includes a $264.3 million gain on deconsolidation of the Fox Factory Holding Corp. subsidiary.

Year-to-date 2014 sales of $718.3 million are down from $752.9 million through 2013's first nine months. Net income so far this year is $282.2 million, compared with $83.9 million through third-quarter 2013.

"During the third quarter, we generated operating results consistent with management's expectations, highlighting the financial strength and considerable potential of our leading family of middle-market businesses," said Alan Offenberg, CEO of Compass Diversified Holdings, Westport, Conn. "In our branded consumer business, Ergobaby delivered double-digit revenue and operating income growth for the fourth consecutive quarter, reflecting increased international market share and strong acceptance of new product introductions. Our niche industrial businesses recorded improved results, driven primarily by revenue and operating income growth from American Furniture Manufacturing and Advanced Circuits."

Click here for the complete third-quarter release.