December 12, 2013 / 12:05 PM / 5 years ago

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

(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.

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

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) 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

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