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BRP Announces Q1 Profits, Continued Overall Growth

By Nick Longworth

On Thursday, May 31, Bombardier Recreational Products (BRP), owner of Ski-Doo, announced its Fiscal Year 2018 first-quarter earnings.

The report indicated a revenue increase of $159.8 million, or 16.4 percent, to total revenue of 1.13 billion over the three-month period ending on April 30. The earnings compare directly to $976.9 million over the same period last year. The company also recorded a gross profit of $281.6 million, an increase of $54.5 million, as well as, a net income of $13.4 million – a $18.3 million increase – resulting in an earnings per share of 13 cents. It’s worth noting that all results are reported in CAD, and thus exchange rates vary earnings slightly.

The market segment revenue that BRP defines as “seasonal products” increased by $26.1 million, or 8 percent, to $350.4 million for the three-month period – compared to $324.3 million for same period last year; it’s projected to reach $350.4 million at this time next year.

Although largely driven by personal watercraft sales, BRP’s North American snowmobile segment ended its selling season with an 8 percent increase year-over-year, while also reaching the highest market share ever recorded for Ski-Doo.

“We had strong sales in February and March. We closed our spring orders above our expectations; Retail sales of both Ski-Doo and Lynx [its Scandinavian counterpart] were very strong, which is an encouraging sign for next season,” BRP President and CEO José Boisjoli said in a conference call Thursday. “We have delivered results above our expectations, which coupled with better-than-planned final spring orders for snowmobiles has allowed us to increase our guidance for the rest of the year.”

On April 24, Polaris Industries posted a $55.7 million, or 85 cents a share, profit – compared to a loss of $2.9 million, or 5 cents a share, over the same period one-year earlier.

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