BRP, the manufacturer of Sea-Doo boats and personal watercraft, reported the results of its fiscal 2024 first quarter. For the three months ended April 30, the company had record revenues of $2.4 billion, a 34% increase compared with the prior-year quarter.
“Fiscal 2024 is off to a good start for BRP,” president and CEO José Boisjoli said in a statement. “We delivered a solid first-quarter performance with record revenue for that period and a 43% increase in normalized EPS, diluted.”
Revenues for seasonal products increased $283.2 million, or 69.3%, to $691.9 million compared with $408.7 million a year ago. The increase was attributed in part to higher PWC sales. Also, supply-chain issues experienced in the previous year were resolved, and demand increased.
For the marine segment, revenues were down $9.9 million to $122.3 million for the quarter, compared with $132.2 million a year ago. The decrease was due mainly to fewer boats, parts and accessories sold and a longer production ramp-up time for new products.
Overall gross profit increased $169.1 million to $623.5 million compared with $454.4 million for the previous year. Gross profit margin percentage increased 60 basis points. Operating expenses increased by 34.1% to $341.6 million compared with $254.8 million, due mainly to increased research and development costs.
BRP is projecting a 16% to 19% increase in overall revenues for fiscal year 2024. Seasonal products are expected to be up by about 1%, while marine is forecast to be up at least 35%.
