BRP reports strong Q1 FY2022 results
BRP Inc. (TSX:DOO; NASDAQ:DOOO) today reported its financial results for the three-month period ended April 30, 2021. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available on Sedar as well as on BRP’s website.
“We had an exceptional start of the year, building on our momentum of growth from prior quarters.
Our first quarter results were driven by ongoing robust demand for our products with North American
Powersports retail up 39%. We were also lapping a quarter in which our manufacturing operations
were partly shutdown,” said José Boisjoli, President and CEO. “Following our solid first quarter performance, positive outlook for the business and factoring in current supply chain constraints, we increased our overall guidance for Fiscal 22 with Normalized EPS now expected to grow between 44% to 58% over last year.”
Revenues increased by $578.8 million, or 47.1%, to $1,808.6 million for the three-month period ended
April 30, 2021, compared with $1,229.8 million for the corresponding period ended April 30, 2020. The
revenue increase was primarily due to a higher wholesale of Year-Round Products and Seasonal Products due to COVID-19 impact(3) last year, lower sales programs due to a strong retail environment and a higher volume of Powersports PA&A. The increase in revenue was partially offset by an unfavorable foreign exchange rate variation of $92 million.
Revenues from the Marine segment increased by $15.3 million, or 13.6%, to $127.4 million for the three-month period ended April 30, 2021, compared with $112.1 million for the corresponding period ended April 30, 2020. The increase was mainly due to a higher volume of boats sold, partially offset by a lower volume of outboard engines sold following the wind-down of the Evinrude outboard engines production and an unfavorable foreign exchange rate variation of $4 million.
Revenues from Seasonal Products increased by $140.8 million, or 43.6%, to $463.4 million for the three-month
period ended April 30, 2021, compared with $322.6 million for the corresponding period ended April 30, 2020. The increase resulted primarily from a higher volume of PWC sold due to COVID-19 impact last year, lower sales programs due to a strong retail environment and a favorable product mix of PWC sold. The increase was partially offset by an unfavorable foreign exchange rate variation of $21 million.
“We are excited about the future and will concentrate on converting new entrants into lifelong
customers, continue to introduce new products to the market and take full advantage of our anticipated
additional production capacity. I thank our employees, suppliers and dealers for their relentless work,”
concluded Boisjoli.
Find BRP’s full Q1 FY22 results here.
