SkiDoo makers first financial report as public company shows sales and revenue

VALCOURT, Que. — BRP Inc. had $804.3 million of revenue in the first quarter — up 5.5% from the same time last year and a record for the Quebec-based maker of specialized off-road and highway vehicles.The Quebec-based company says the sale of its sport boat business last fall resulted in a decline in revenue from seasonal products, which include Ski-Doo and Lynx snowmobiles and Sea-Doo personal watercraft.But that was offset by higher sales of year-round products such as its Can-Am three-wheeled Spyder cycles and the impact of favourable currency exchange rates due to a stronger U.S. dollar.BRP’s net income fell year-to-year but its adjusted profit was up.Net income fell to $25.7 million from $54.6 million while BRP’s normalized net income, which adjusts for the impact of foreign exchange and other items, rose by 7.7% to $53.4 million or 52 cents per share.BRP also said its outlook for the 2014 financial year calls for annual normalized profit of between $1.45 and $1.50 per share.It’s the first financial report since the company, based In Valcourt, Que., listed its shares on the Toronto Stock Exchange. They closed Wednesday at $24.50.The stock’s has traded between $22.61 and $25.55 per share over the two-week period, well above the IPO price of $21.50 per share. read more