September 12, 2013 - 4:05 AM
VALCOURT, Que. - BRP Inc. (TSX:DOO), the former recreational products division of Bombardier Inc., missed analyst revenue estimates for the second quarter, but says it remains on track to meet the company's full-year guidance.
The Quebec-based maker of Ski-Doo snowmobiles, Sea-Doo personal watercraft and Can-Am wheeled vehicles says its revenue in the quarter ended July 31 was $620.9 million, including $278.1 million from year-round products.
That was up from a year earlier, when BRP's second-quarter revenue was $608.1 million, but about $20 million short of estimates compiled by Thomson Reuters. Analysts were looking for $640 million of revenue for the quarter.
BRP's adjusted profit was better than analyst expected but down sharply from the same time last year. BRP also reported a larger net loss of $7.9 million, rather than a net profit as expected, after including the impact of currency fluctuations.
BRP's "normalized" net income dropped to $7.6 million, or seven cents per share, from $18.2 million or 18 cents per share in the second quarter of 2012. That was still ahead of analyst estimates of four cents per share of adjusted profit.
It also reported a net loss of $7.9-million or seven cents per share, compared with a net loss of $2.9 million in the second quarter. The increase was largely due to the impact of a larger foreign exchange loss related to BRP's long-term debt.
News from © The Canadian Press, 2013