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BRP reports $126.1M Q2 profit, sales down 15.5% from year ago

CEO pleased with its results, which he says were better than it initially anticipated.

August 27, 2020   by CP STAFF

BRP’s Sea-Doo recreational watercraft.
Photo: BRP

VALCOURT, Que. — BRP Inc. reported its second-quarter revenue fell 15.5% compared with a year ago as it temporarily suspended production due to the pandemic, but said demand was high for its products.

Chief executive Jose Boisjoli says the Ski-Doo and Sea-Doo maker was pleased with its results, which he says were better than it initially anticipated.

BRP says its profit for the quarter rose compared with a year ago, helped by favourable foreign exchange fluctuations on its US denominated long-term debt.

It earned $126.1 million or $1.43 per share in net income for the quarter ended July 31, up from $93.3 million or 96 cents per diluted share a year earlier.

Revenue totalled $1.23 billion, down from $1.46 billion in the same quarter a year ago.

On a normalized basis, BRP says it earned $1.14 per diluted share for the quarter, up from a normalized profit of 71 cents per diluted share in the same quarter last year.

 


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