Canadian Manufacturing

BRP reports $244.4M Q1 profit, raises full year financial guidance

Revenue in what was the first quarter of the company's financial year totalled $1.81 billion, up from $1.23 billion in the same quarter last year

June 3, 2021  The Canadian Press

VALCOURT, Que. — BRP Inc. reported a profit of $244.4 million in its latest quarter compared with a loss a year ago and raised its financial guidance for the year.

The maker of Ski-Doos and Sea-Doos says the profit amounted to $2.79 per diluted share for the quarter ended April 30 compared with a loss of $226.1 million or $2.58 per dilluted share a year ago when the pandemic began.

Revenue in what was the first quarter of the company’s financial year totalled $1.81 billion, up from $1.23 billion in the same quarter last year.

On a normalized basis, BRP says it earned $2.53 per diluted share in the quarter compared with a normalized profit of 26 cents per share a year ago.

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In its outlook, BRP says it now expects revenue for its full financial year to grow 28 to 33 per cent compared with earlier guidance for growth between 25 and 30 per cent.

The company also raised its expectations for its normalized earnings per diluted share for the year to between $7.75 and $8.50, up from its earlier forecast for between $7.25 and $8.

“Following our solid first-quarter performance, positive outlook for the business and factoring in current supply chain constraints, we increased our overall guidance for fiscal 22 with normalized EPS now expected to grow between 44 per cent to 58 per cent over last year,” BRP CEO Jose Boisjoli said in a statement.