BRP REPORTS FISCAL YEAR 2018 THIRD QUARTER RESULTS
Dec 11, 2018
BRP introduced the Can-Am Ryker in September.
BRP Inc. (TSX:DOO; NASDAQ: DOOO) on November 30, reported its financial results for the three- and nine-month periods ended October 31, 2018. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available at www.sedar.com , as well as in the Quarterly Reports section of BRP’s website.
“We posted another record quarter with sustained demand for our products. Consumer demand for BRP’s powersports line-up was also strong this quarter with retail up by more than 25% for both side-by-side vehicles (SSV) and personal watercraft (PWC) in North America. This performance is a testament to our relentless focus on executing on our strategic priorities and on bringing the most innovative products to market”, said José Boisjoli, President and CEO.
“The fundamentals of our business are robust. We continue to drive operational excellence, and are thus well positioned to be very competitive despite the current potential headwinds caused by current market inflationary pressure. The diversified BRP product portfolio and line-up has never been as strong and the degree of positive engagement from our dealers is very high. We are excited by our momentum and are committed to delivering another record year of normalized EPS growth of 30 to 35%”, concluded Boisjoli.
Highlights for the quarter vs Q3 FY18:
• • Revenues of $1,394.2 million, an increase of $167.7 million or 13.7%;
• • Net income of $90.2 million, an increase of $20.2 million, which resulted in a diluted earnings per share of $0.92, an increase of $0.25 per share;
• • Normalized net income [1] of $102.9 million, a decrease of $0.7 million, which resulted in a normalized diluted earnings per share [1] of $1.04, an increase of $0.05 per share;
• • N.A. Powersports retail for Q3 is outpacing the industry and grew 6% vs same period last year, or 16% when excluding snowmobile;
• • The Company introduced the Can-Am Ryker, a new three-wheeled vehicle platform. With its lower purchase point, the Can-Am Ryker is designed to bring the on-road
experience to more people;
• • The Company acquired 100% of Triton Industries Inc. (“Triton”) located in Lansing, Michigan (United States), a pontoon manufacturer selling under the Manitou brand.
