We recently reported the drop of the Evinrude Brand from the BRP portfolio. Unfortunately, the COVID-19 pandemic has spelled further grim on BRP’s fiscal report. The Sea-Doo parent company has just reported a net loss of $226.1 million in their first quarter.
“The sudden impact of the COVID-19 crisis has brought rapid changes that significantly disrupted our business and forced us to quickly and successfully adjust our plan” said BRP’s president and CEO José Boisjoli.
Fortunately, most of their manufacturing and dealerships have re-opened and things are getting back to normal. This is good news considering that we have seen a spike in demand for personal watercraft within the last month.
Futher highlights of this report can be seen below and to read the full fiscal report, you can check it out at First Quarter For FY2021
Highlights for the quarter vs Q1 FY20:
- Revenues of $1,229.8 million, a decrease of $103.9 million or 7.8%;
- Gross profit of $235.1 million representing 19.1% of revenues, a decrease of $65.5 million;
- Net loss of $226.1 million, a decrease of $249.9 million, which resulted in a diluted loss per share of $2.58, a decrease of $2.83 per share;
- The Company recorded a non-cash impairment charge of $171.4 million related to its Marine segment;
- Normalized net income of $22.7 million, a decrease of $30.0 million, which resulted in a normalized diluted earnings per share of $0.26, a decrease of $0.28 per share or 51.9%;
- Normalized EBITDA of $123.0 million representing 10.0% of revenues, a decrease of $23.7 million or 16.2%.
