BRP reported fourth quarter revenues of $3.1 billion, an increase of $728.8 million and 31% compared with the same period last year. Record fiscal 2023 revenues of $10 billion were a 31% increase over 2022.
“We achieved record results for the year with revenues exceeding $10 billion for the first time ever, solid profit margins and normalized EPS above our guidance range,” president and CEO José Boisjoli said in a statement. “We are proud of our outstanding fourth quarter retail performance, as we significantly outpaced the powersports industry and concluded the year with an exceptional 5 percentage points market share increase over the previous year in North America.”
Marine segment revenues decreased $10.5 million, or 7.6%, to $128.5 million for the three-month period ended Jan. 31, compared with $139 million the previous year. BRP said the decline was due to a lower volume of boats sold because of supply-chain disruptions that slowed the introduction of new product. Retail boat sales for the year were down 57% compared with the same period in 2022.
BRP projects a 45% to 50% increase in revenues in the marine segment for fiscal year 2024. The company said it’s well-positioned for continued growth, with overall revenues expected to increase in the 9% to 12% compared with 2023.
“Heading into fiscal 2024, despite macro concerns, we expect to continue our growth and deliver normalized EPS between $12.25 and $12.75,” Boisjoli said.
Net income increased by $70.8 million to $865.4 million for the 12-month period ended Jan. 31, compared with $794.6 million for the same time frame in 2022. The increase was primarily due to a higher operating income and lower net financing costs.
