The Q2 financials have been reported for BRP and the Canadian Corp. cashed in on North American retail sales despite the pandemic. Retail sales for powersports vehicles and outboard engines increased by 38% for the three-month period ended July 31, 2020. “We are very pleased with our results, which are better than we initially anticipated, and with the exceptionally high demand for our products throughout the quarter. We expect the momentum to continue, as we closely monitor the global situation,” said José Boisjoli, President and CEO at BRP.
Although powersports retail sales were up in 40% in North America., overall revenues did decrease by 15.5% ($226.2 million Canadian dollars) to $1,233.3 million for the three-month period ended July 31, 2020. This was primarily due to the fact that production was suspended in April and May. Q2 highlights include:
-Powersports retail sales were up 40% in North America and were strong in all categories
-Net income of $126.1 million, an increase of $32.8 million
-Normalized net income [of $100.9 million, an increase of $32.1 million
-Normalized EBITDA of $214.3 million representing 17.4% of revenues, an increase of $46.6 million or 27.8%
“Current trends have expanded our consumer base, creating a surge in new entrants. Together with our dealer network, we will now aim to capitalize on this opportunity by converting them into lifelong customers. I would like to express my gratitude and admiration to all our partners and employees for their resilience, which has been and will continue to be critical to our business continuity,” concluded Boisjoli.
