BRP REPORTS FIRST QUARTER FISCAL YEAR 2014 RESULTS
BRP Inc. (TSX: DOO) has reported its financial results for the first quarter ended April 30, 2013. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available at www.sedar.com. BRP Inc., completed its initial public offering last month, and began trading on the Toronto stock exchange under the symbol 'DOO'. BRP is reporting quarterly financial results for the first time.
“We are pleased to report our first results as a public company and we take this opportunity to welcome our new shareholders to BRP. Our first quarter puts us on track for a strong performance this year,” remarked President and CEO José Boisjoli. “Our revenues from our Year-Round Products increased by 27% during the quarter led by the sales of our Can-Am Spyder ST and Maverick side-by-side vehicle which add to our solid track record of successfully introducing new products and generating strong consumer acceptance,” he added.
“During Q1, we also launched the new Rotax 900 ACE snowmobile engine which was well received by the network and we registered strong spring orders of snowmobiles to be delivered during the second half of the year. In addition, our Spyder retail sales performance has continued to outpace the on-highway motorcycle industry.”
“International growth is at the heart of our business strategy; we are pleased with our 8% revenue increase from the International market, especially given the challenging economic situation in Western Europe. The construction of our second Mexican manufacturing site in Querétaro, is on schedule,” he concluded.
The maker of Sea-Doo, Evinrude and other powersports brands divides the business into Seasonal and Year-round with the marine products being Seasonal. The Seasonal products were reported as being either flat or up in the low single digits. The Seasonal division was affected by the decision in fall of 2012 to drop the BRP sport boat lines.
Highlights:
• Record first quarter revenues of $804.3 million, an increase of 12% excluding sport
• Revenues from Year-Round Products increased by 27% led by the Can-Am Spyder ST and the Maverick side-by-side vehicle
• Net income of $25.7 million resulting in basic earnings per share of $0.25
• Normalized net income[1] of $53.4 million, an increase of 7.7% which resulted in normalized basic earnings[1] per share of $0.52
• Outlook strong with normalized EPS[1]forecast to be in the range of “$1.45 – $1.50” for the FY14
