BRP Inc., Valcourt, Québec, has reported its financial results for the three- and nine-month periods ended October 31, 2013, marked by record quarterly revenues of $866 million, a year-over-year increase of 18 percent. A net income of $48.2 million, an increase of 52 percent compared to the third quarter of the previous year, was also reported (all figures $CAN).
Overall revenues increased by $132.1 million (or 18 percent) to $866.0 million for the three-month period ended October 31, 2013, while revenues increased by $186.5 million, or 8.9 percent, to $2,291.2 million for the nine-month period. The company conceded that revenues were negatively impacted by the exit of the sport boat business, that accounted for $71 million in revenues for the nine-month period ended October 31, 2012.
Revenues from Propulsion Systems increased by $7.6 million, or 9.3 percent, to $89.6 million for the quarter, while revenues from parts and accessories increased by $16.0 million, or 12.5 percent, to $144.3 million.
BRP reports that operating expenses have decreased by $3.9 million, or 2.9 percent, to $128.9 million, for the quarter – down from $132.8 million for the three-month period ended October 31, 2012. This decrease is mainly due to restructuring costs of $17.1 million that were recorded in connection with the closure of the sport boat business during the three-month period ended October 31, 2012.
"The strong performance in our third quarter was primarily driven by strong shipments of snowmobiles both in North America and internationally,' said José Boisjoli, President and CEO. "With solid results through nine months of the fiscal year, we are on track to meet our Revenue and Normalized EBITDA guidance for the year and we are very excited about the line-up of new products for the coming model year 2014.'