BRP Inc. saw its profits climb 52 per cent in the third quarter, buoyed by consumer enthusiasm for its snowmobiles, particularly its new side-by-side vehicles.
The Quebec-based company (TSX:DOO) most known for its Ski-Doo snowmobiles and Sea-Doo personal watercraft says net income came in at $48.2 million, or 41 cents per share, in the three-month period ended Oct. 31. This compared with $31.7 million, or 31 cents per share, a year earlier.
The positive results led BRP to raise its adjusted earnings forecast to $1.49 to $1.54 per basic share from an original $1.45 to $1.50 per share.
Adjusting for one-time items, its adjusted profit was $59 million, or 50 cents per share, up from $42.4 million or 42 cents per share in the third quarter of 2012.
Revenues for the former recreational products division of Bombardier Inc. increased by 18 per cent to $866 million versus $733.9 million a year ago. The company says its revenues benefited from a more than 20 per cent growth in North American sales in the quarter, when excluding its sport boat business.
BRP designs, develops, manufactures and distributes powersports vehicles including Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am all-terrain and side-by-side vehicles, Can-Am roadsters, Evinrude outboard engines as well as Rotax propulsion systems.
“I am very pleased with this performance and particularly proud of the fact that we were able to deliver strong quarterly results as we approach our 10th anniversary as a standalone company,” said Jose Boisjoli, president and CEO at BRP in a statement.