Supply chain interruptions affected BRP deliveries in the third quarter. The entertainment vehicle manufacturer has seen its profits and revenues decline.
The Walcourt-based company reported Wednesday net income of $ 127.7 million, or $ 1.53 per share, down 36% from a year earlier. Revenue fell 4.8% to $ 1.59 billion for the three months ended October 31.
“Our third-quarter results reflect a previously expected decline in product deliveries as a result of supply chain disruptions,” BRP President and CEO Jose Boiszoli said in a statement.
Like many companies, manufacturers of Ski-Doo, Sea-Doo and Can-Am are struggling to obtain semiconductors, components that are part of the electronic chips needed to operate certain modules.
While the growing consumer interest in the COVID-19 pandemic has been in the rendezvous, it is slowing down its dealers’ ability to replenish stocks at historic lows.
Excluding non-performing items, BRP’s general earnings per share were $ 1.48 per share in the third quarter of last year, compared to $ 2.13 per share.
Quebec partially met the expectations of multinational analysts, with financial data firm Refinitiv forecasting $ 1.33 billion adjusted profit on revenue of $ 1.7 billion.
“Overall, we are satisfied with BRP’s performance in the third quarter,” analyst Benoit Poyer, Valeurs mobilieres Desjardins said in a note. The company has once again demonstrated its ability to deliver strong results despite persistent supply chain problems. ”
The recreational vehicle manufacturer expects to hover between its adjusted earnings of $ 9 and $ 9.75 per share per year. Its previous range was $ 8.25 to $ 9.75.
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