BRP REPORTS RESULTS FOR ITS FOURTH QUARTER AND FY21 YEAR-END
Mar 30, 2021
On March 25, BRP Inc. (TSX:DOO; NASDAQ:DOOO) reported its financial results for the three- and twelve-month periods ended January 31, 2021. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available on SEDAR, as well as in the Quarterly Reports section of BRP’s website.
“We are very pleased with our fourth quarter results which ended Fiscal 2021 on a strong note. We reported record results for the year thanks to our team’s ability to quickly implement initiatives to mitigate the impact of the pandemic while at the same time positioning the business to take advantage of the surge in consumer demand. Our strong start to the year was accelerated by an influx of new customers to our business. This unprecedented demand level led to a 25% year-over-year retail growth for our powersports products in North America,” said José Boisjoli, President and CEO.
“Fiscal 2022 is off to a strong start as well. We are seeing continued strong retail demand across all our product lines. In addition, we are making strategic investments in new products, production capacity and the electrification of our current product portfolio which bodes well for the future. We are well-positioned to deliver another strong year with an anticipated growth of 35% to 48% in diluted Normalized EPS.”
“I would like to thank our employees, suppliers and dealers for their agility, dedication and resilience during this past year. Their hard work allowed us to deliver exceptional results in Fiscal 2021. We are excited about the future with many projects in motion, including our investment in electric vehicles,” concluded Mr. Boisjoli.
Seasonal Products
Revenues from Seasonal Products increased by $128.7 million, or 23.7%, to $671.4 million for the three-month period ended January 31, 2021, compared with $542.7 million for the corresponding period ended January 31, 2020. The increase was driven by a higher volume of snowmobile and PWC sold, by lower sales programs due to a strong retail environment and by favourable pricing. The increase was partially offset by an unfavourable foreign exchange rate variation of $9 million.
North American Seasonal Products retail sales increased on a percentage basis in the mid-twenties range compared with the three-month period ended January 31, 2020.
Marine
Revenues from the Marine segment decreased by $28.2 million, or 17.9%, to $129.2 million for the three-month period ended January 31, 2021, compared with $157.4 million for the corresponding period ended January 31, 2020. The decrease was mainly due to the wind-down of the Evinrude E-TEC outboard engines production resulting in a lower volume of outboard engines sold.
The complete financial results are available on SEDAR, as well as in the Quarterly Reports section of BRP’s website.
