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BRP Forecasts Continued Growth for Fiscal Year 2023

1_BRPEARNS

Bombardier Recreational Products said revenue from its marine business totaled Canadian $512.8 million in its 2022 fiscal year and the company is forecasting a 12 percent to 17 percent increase above that for fiscal 2023.

Boat retail sales in North America decreased by 20 percent in the fiscal fourth quarter of 2022, which ended Jan. 31, compared with the same quarter in 2021, the Valcourt, Quebec-based powersports company said in its earnings release on Friday.

Total marine revenue increased to Canadian $139 million in the fourth quarter from Canadian $129.2 million in the year-earlier quarter.

Among its broader powersports product lines, BRP said supply-chain disruptions “resulted in an increased level of substantially completed units awaiting missing components.” José Boisjoli, president and chief executive officer, said those issues continue in the new fiscal year but his company can still finish this year with higher results.

“The first half of the year could prove to be more challenging given the global supply-chain volatility,” Boisioli said in a statement. “We are confident we can achieve our full-year guidance based on sustained consumer interest in powersports, our strong product portfolio, including new product introductions, and the agility of our team.”

Marine represented 6 percent of fourth-quarter company revenue, BRP’s statement said. 

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