BRP reports fiscal year 2017 second-quarter results

Highlights:

  • Revenues of $856 million for the second quarter of FY2017, a 5% increase compared to the same period last year;
  • Gross profit of $172 million representing 20% of revenues, an increase of $3 million compared to the same period last year;
  • Normalized EBITDA of $44 million, a 16% decrease compared to the same period last year;
  • Normalized net income of $1 million resulting in a normalized diluted earnings per share of $0.01, a decrease of $0.02 per share compared to the same period last year;
  • Net loss of $69 million, a decrease of $0.5 million, which resulted in a diluted loss per share of $0.61, a decrease of $0.03 per share compared to the same period last year; and
  • Successfull refinancing of the US$792 million term facility and $350 million revolving credit facility resulting in an amended and restated US$700 million term facility and $425 million revolving credit facility.

As part of a series of patent infringement lawsuits involving the Company and one of its competitors, a decision was rendered by the trial judge to award additional damages in one of these lawsuits. Consequently, the Company recorded an additional $43 million expense during the quarter. The Company filed an appeal on August 23, 2016.

Valcourt, Québec, September 9, 2016 – BRP Inc. (TSX:DOO) today reported its financial results for the three- and six-month periods ended July 31, 2016. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available at www.sedar.com.

“I am pleased with the second quarter of fiscal 2017 that has registered strong retail sales worldwide, particularly for Sea-Doo PWC and Can-Am off-road vehicles,” said José Boisjoli, president and CEO. “We have good momentum with the Can-Am Defender models, introduced last September, and with the positive reception of the most recent product launches, such as the Evinrude E-TEC G2 engines or the Can-Am Maverick X3 vehicle.”

“The rigorous focus on our strategic plan and our team’s solid execution, around the world and across all functions, are paying off,” Boisjoli added. “Our manufacturing operations are progressing as planned, allowing us to accelerate the pace of product introductions as promised. We are aligned on our strategic priorities and I am confident that we will reach our objectives.”

Further information can be found in the press release.

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