(Reuters) - Canada’s BRP Inc reported a better-than-expected quarterly profit on Friday, helped by strong demand for its snowmobiles, watercraft and other recreational vehicles.
BRP said revenue from seasonal products such as its Ski-Doo and Lynx snowmobiles and Sea-Doo watercraft jumped 37.2 percent to C$489.5 million in the fourth quarter ended Jan. 31.
Revenue from BRP’s year-round products, which include all-terrain vehicles, rose 9.3 percent to C$527.3 million.
BRP also said it expects adjusted earnings of C$2.15-C$2.27 per share and revenue growth of 2-6 percent for the year ending January 2018.
Valcourt, Quebec-based Bombardier Recreational Products, better known as BRP, sells recreational vehicles in more than 100 countries and has operations across the Americas and Europe.
BRP’s net profit attributable to shareholders was C$136.6 million (about $102 million) or C$1.22 per share, compared with a loss of C$28.7 million or 25 Canadian cents per share, a year earlier.
The company recorded an impairment charge of C$70.3 million on its outboard engine assets in the year-ago quarter.
Excluding one-time items, BRP earned C$1.00 per share, beating analysts’ average expectation for a profit of 96 Canadian cents, according to Thomson Reuters I/B/E/S.
BRP’s revenue climbed 17.7 percent to C$1.31 billion. Analysts on average had expected C$1.22 billion.
Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar