BRP reports fiscal year 2021 first quarter results
Highlights for the quarter vs Q1 FY20:
- Revenues of $1,229.8 million, a decrease of $103.9 million or 7.8%;
- Gross profit of $235.1 million representing 19.1% of revenues, a decrease of $65.5 million;
- Net loss of $226.1 million, a decrease of $249.9 million, which resulted in a diluted loss per share of $2.58, a decrease of $2.83 per share;
- The Company recorded a non-cash impairment charge of $171.4 million related to its Marine segment;
- Normalized net income of $22.7 million, a decrease of $30.0 million, which resulted in normalized diluted earnings per share of $0.26, a decrease of $0.28 per share or 51.9%;
- Normalized EBITDA of $123.0 million representing 10.0% of revenues, a decrease of $23.7 million or 16.2%.
In addition, during the three-month period ended April 30, 2020:
- Following government measures, adopted in response to the COVID-19 pandemic, the Company announced that all of its powersports and marine manufacturing operations around the world were temporarily suspended or slowed down and a series of cost reduction initiatives were undertaken, including the reduction of its global workforce and other temporary layoffs.
“The sudden impact of the COVID-19 crisis has brought rapid changes that significantly disrupted our business and forced us to quickly and successfully adjust our plan, thanks to the agility and resilience of our employees, suppliers and dealers. Today most of our manufacturing and dealers have re-opened for business. With the new travel restrictions and vacation at home trend, our retail is returning strongly and showing very positive signs”, said José Boisjoli, President and CEO.