BRP reported a 3% increase in revenues for fiscal year 2024, reaching a record high of $7.65 billion. Net income of $549.4 million was a decrease of 14% compared with the prior year.
“Fiscal 2024 was marked by market share gains in the North American powersports industry, successful product launches and continued progress on our strategic initiatives, leading to record revenues and free cash flow,” president and CEO José Boisjoli said in a statement. “Heading into fiscal 2025, we are focused on proactively managing network inventory to maintain our dealer value proposition.”
Revenues for the fourth quarter of fiscal year 2024 were $1.99 billion, a 12.5% decrease from the prior year. Net income of $138.88 million was a 48.5% decrease compared with 2023. The company said it increased its quarterly dividend by 17%.
Marine revenues for the year were $323.3 million, and fourth quarter sales were $66.47 million, a 29.9% decrease compared with the previous year. The decline was attributed to fewer units sold, driven by softer consumer demand.
North American marine sales declined 14% compared with the three-month period ended Jan. 31, 2023.
Gross profit in the fourth quarter decreased 17.1%, and gross profit margin decreased 130 basis points to 24.3%. Operating expenses increased 35.2% for the quarter, attributed to an impairment charge for the marine segment.
