Ski-Doo snowmobile maker BRP sees revenue rising 4-8 percent in 2017
(Reuters) - Canada's BRP Inc, the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, forecast a 4-8 percent increase in full-year revenue, helped by new launches.
The company's 2016 revenue rose 8.8 percent to C$3.83 billion ($2.95 billion), largely higher than its forecast of a 6-9 percent increase.
BRP also said it expected normalized earnings per share to rise 2-8 percent to C$1.75-C$1.85 for the year ending January 2017.
BRP, which has operations and clientele across the Americas and Europe, also reported a higher-than-expected adjusted profit for its fourth quarter ended Jan. 31.
The company reported an adjusted profit of 75 Canadian cents per share. Analysts on average had estimated earnings of 68 Canadian cents, according to Thomson Reuters I/B/E/S.
However, BRP swung to a quarterly net loss, hurt by a C$70 million non-cash impairment charge on its outboard engine assets.
The Valcourt, Quebec-based company reported a net loss of C$28.7 million, or 25 Canadian cents per share, in the fourth quarter ended Jan. 31, compared with a profit of C$8.5 million, or 7 Canadian cents per share, a year earlier.
Revenue rose 3.7 percent to C$1.11 billion, helped by weakness of the Canadian dollar against its U.S counterpart.
The Canadian dollar fell 10 percent against the U.S. dollar in the year to Jan. 31. Continued...