BRP Inc. (DOO.TO) reported a sharp drop in first-quarter net income to C$25.7 million, from C$54.6 million last year. However, on a normalized basis, quarterly net income amounted to C$53.4 million, or C$0.52 a share, up compared with the prior year's C$49.6 million, or C$0.49 a share.
Revenues for the first quarter totaled C$804.3 million, a 5.5% increase from the prior year's C$762.7 million, and rose by 12% when excluding the impact of the exit of the sport boat business in the fall 2012. The revenue growth includes a favourable foreign exchange rate variation of C$13 million mainly related to the strengthening of the U.S. dollar against the Canadian dollar.
For fiscal 2014, normalized earnings per share are expected to lie between C$1.45 and C$1.50, while total company revenues are projected to rise at a high single-digit percentage during the year.
For comments and feedback: editorial@rttnews.com