BRP third-quarter profit tops expectations, raises guidance
BRP Inc. topped expectations as it reported its third-quarter profit rose compared with a year ago and raised its guidance for its full financial year.
The Ski-Doo and Sea-Doo maker says it now expects normalized earnings per share between $5.00 and $5.25 for the year, up from earlier guidance for between $3.65 and $3.95.
The increase came as BRP reported net income of $198.7 million or $2.22 per diluted share for its quarter ended Oct. 31, up from $135.3 million or $1.49 per diluted share in the same quarter last year.
Revenue totalled $1.67 billion, up from $1.64 billion a year ago.
On a normalized basis, BRP says it earned $2.13 per diluted share in its latest quarter, up from a normalized profit of $1.51 per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $1.41 for the quarter and $1.60 billion in revenue, according to financial data firm Refinitiv.
“We are very pleased with our results as our strong line-up continues to gain market share globally,” BRP chief executive Jose Boisjoli said in a statement.
“The surge in demand for our products has offered a major opportunity for us to continue this pace and we are working hard to maintain it.”