VALCOURT, QUE. -- BRP Inc. reported a fourth-quarter profit of $209.6 million as its revenue rose nearly 30 per cent compared with a year earlier.
The maker of Ski-Doo snowmobiles and Sea-Doo personal watercraft says its profit amounted to $2.50 per diluted share for quarter ended Jan. 31, down from $264.2 million or $2.95 per diluted share in the same period a year earlier.
BRP says the drop was primarily due to the impact an unfavourable foreign exchange change on its U.S.-dollar denominated long-term debt, partially offset by higher operating income.
The company says its normalized net income for the quarter amounted to $3.00 per diluted share, up from $1.82 per diluted share a year earlier.
Revenue for the quarter totalled $2.35 billion, up from $1.82 billion.
Analysts on average had expected an adjusted profit of $2.53 per share and $2.29 billion in revenue, according to financial markets data firm Refinitiv.
In guidance for its 2023 financial year, BRP says it expects revenue to grow in a range of 24 to 29 per cent and normalized earnings per diluted share to gain eight to 12 per cent.
"The first half of the year could prove to be more challenging given the global supply chain volatility," BRP CEO Jose Boisjoli said in a statement.
"We are confident we can achieve our full year guidance based on sustained consumer interest in powersports, our strong product portfolio, including new product introductions, and the agility of our team."
- This report by The Canadian Press was first published March 25, 2022.
