Bombardier Recreational Products reported a 47 percent increase in revenue for FY22 first quarter, which ended on April 30.
Revenue jumped by CAN578.8 million ($477 million) to CAN1.3 billion (1.07 billion). BRP attributed the increase to a much stronger retail environment when compared to last year, which led to increased sales in all divisions.
“We had an exceptional start of the year, building on our momentum of growth from prior quarters. Our first quarter results were driven by ongoing robust demand for our products with North American Powersports retail up 39 percent. We were also lapping a quarter in which our manufacturing operations were partly shutdown,” said president and CEO José Boisjoli in a statement.
Gross profit was up significantly, posting an increase of 131 percent million to CAN542 million ($448 million). A favorable product mix, a dearth of sales incentives and a robust retail environment were all attributed to the increase, which were partially offset by supply chain issues and less favorable exchange rates in markets outside of Canada.
Net income skyrocketed by CAN470.5 million ($388 million) to CAN244 million ($201.4 million) compared with a net loss of CAN226.1 million ($186.7 million), which occurred last year during the height of the Covid-19 pandemic.
For the marine segment, boat retail sales increased by 71 percent compared with the same time period last year. Revenue was up 13.6 percent to CAN127.4 million ($105.2 million), due to strong sales in its boat and PWC segments. The winding down of Evinrude partially offset gains in this segment.