Ski-Doo maker BRP posts 52 percent jump in profit, raises forecast

Thu Dec 12, 2013 6:57am EST
 
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(Reuters) - BRP Inc DOO.TO, the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, reported a 52 percent rise in quarterly profit, driven by strong shipments of snowmobiles worldwide, and it raised its full-year adjusted profit forecast.

The Canadian company raised its adjusted earnings forecast to $1.49-$1.54 per basic share from $1.45-$1.50.

BRP's net profit rose to C$48.2 million ($45.4 million), or 41 Canadian cents per basic share, in the third quarter ended October 31 from C$31.7 million, or 31 Canadian cents, a year earlier.

Excluding items, the company earned 50 Canadian cents per basic share.

Revenue rose 18 percent to C$866 million.

BRP, which was spun off from Bombardier Inc (BBDb.TO: Quote) in 2003, listed on the Toronto Stock Exchange in May.

The company's competitors include Arctic Cat Inc ACAT.O, Polaris Industries Inc PII.N and Yamaha Motor Co Ltd 7272.T.

BRP's portfolio includes Can-Am all-terrain and side-by-side vehicles and Rotax engines.

The company's shares closed at C$26.83 on the Toronto Stock Exchange on Wednesday. The stock has risen 25 percent since its debut, outperforming the Toronto Stock Exchange 300 Composite Index .GSPTSE, which has risen 3 percent.

($1 = 1.06 Canadian dollars)

(Reporting by Shubhankar Chakravorty in Bangalore; Editing by Kirti Pandey)

 
Bombardier Recreational Products Inc. (BRP) introduced its first "on-road" vehicle, the 2008 Can-Am Spyder roadster in front of employees in Valcourt, Quebec February 5, 2007. REUTERS/Christinne Muschi