BRP reports Q1 loss as revenue down from year ago, says it plans to reduce inventory

By The Canadian Press on May 31, 2024.

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.

This report by The Canadian Press was first published May 31, 2024.

Companies in this story: (TSX:DOO)

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