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BRP’s Marine Revenue Up, Volumes Down

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BRP yesterday reported lower marine retail sales in North America but higher marine revenue in its fiscal second quarter.

As a result of favorable product mix and higher pricing, revenue in BRP’s marine division increased by 8.3 percent to CAD$139.5 million ($106 million) in the quarter ended July 31, the Valcourt, Quebec-based company said in an earnings statement. Retail sales of marine products in North America fell 9 percent as a result of lower unit availability caused by supply-chain disruptions.

BRP said the supply bottlenecks are loosening, and the company raised its full-year guidance for overall revenue and profit. Fiscal 2023 marine revenue is now forecast to be up 12 to 17 percent from the CAD$512.8 million ($389.5 million) posted in fiscal 2022. The second quarter already has delivered the highest overall revenue of any quarter in BRP’s history, the company said.

“Demand for our products continues to be strong across our portfolio of products and markets,” president and CEO Jose Boisjoli said in the statement. “With current improvements in the supply chain and our additional production capacity, we are in a favorable position to deliver an expected record second half of the year.”

Overall, BRP’s revenue in the fiscal second quarter rose to CAD$2.44 billion ($1.85 billion), from CAD$1.9 billion ($1.44 billion) in the same quarter last year. Net income was CAD$237.7 million ($180.6 million) in the recent quarter, up from CAD$212.9 million ($161.7 million) in the second quarter of fiscal 2022. The company said introduction of the Sea-Doo pontoon helped its results, while volumes of personal watercraft fell.

In its earnings release, BRP disclosed that it had been the target of a cyberattack in the current quarter. The Aug. 8 incident impacted the company’s operational and information technology systems. One week later, production was “progressively resuming,” the statement said.

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