BRP Inc. reports a Q1 loss as revenue drops
The Ski-Doo and Sea-Doo maker posted a net loss of $7.4 million for the quarter ended April 30, down from a profit of $154.5 million a year earlier.
BRP Inc. reported a first-quarter loss as revenues fell compared with a year earlier, saying it would lower production to reduce network inventory amid current macroeconomic challenges.
The Ski-Doo and Sea-Doo maker posted a net loss of $7.4 million for the quarter ended April 30, down from a profit of $154.5 million a year earlier.
BRP says that amounted to a loss of 10 cents per diluted share for the quarter, compared with earnings of $1.92 per diluted share a year earlier.
Revenue for the quarter totalled $2.03 billion, down from $2.43 billion in the first quarter of last year.
On a normalized basis, BRP says it earned 95 cents per diluted share in its latest quarter compared with a normalized profit of $2.38 per diluted share a year earlier.
Chief executive José Boisjoli says the first-quarter results were in line with expectations, but noted he expects dealers’ profits to come under further pressure later this year amid challenges such as competition and high interest rates.
