Ski-Doo maker BRP suspends dividend to preserve financial flexibility | iNFOnews | Thompson-Okanagan's News Source

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Ski-Doo maker BRP suspends dividend to preserve financial flexibility

BRP Inc. is suspending its dividend in an effort to preserve its financial flexibility as it deals with the issues related COVID-19. THE CANADIAN PRESS/Graham Hughes.
March 20, 2020 - 4:38 AM

VALCOURT, Que. - BRP Inc. beat profit expectations for its fourth quarter, but suspended its dividend in an effort to preserve its financial flexibility as it deals with the issues related COVID-19.

The maker of Ski-Doo snowmobiles and Sea-Doo watercraft had paid a quarterly dividend of 10 cents per share.

The suspension of the payment to shareholders came as the company reported a fourth-quarter profit attributable to shareholders of $118.4 million or $1.32 per diluted share, up from $82.7 million or 84 cents per diluted share a year earlier.

Revenue totalled nearly $1.62 billion for the quarter ended Jan. 31 compared with nearly $1.51 billion in the same quarter a year earlier.

BRP says its normalized profit for the quarter amounted to $1.12 per diluted share, up from 88 cents per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.09 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published March 20, 2020.

Companies in this story: (TSX:DOO)

News from © The Canadian Press, 2020
The Canadian Press

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