Bombardier Recreational Products (BRP) posted record results in 2022 as its annual revenues crossed the $10 billion mark for the first time.
During its financial year, which ended on January 31, the Valcourt company generated net profits of $865 million on revenues of just over $10 billion.
“We are proud of our outstanding retail sales performance in the fourth quarter, which allowed us to significantly outperform the powersports industry and end the year with an exceptional market share gain of five percentage points. in North America,” BRP CEO José Boisjoli said in a statement.
In the fourth quarter, BRP’s revenues jumped 31% to approach $3.1 billion. Net profits reached $365.1 million, up 74%. All-season products (side-by-side vehicles, all-terrain vehicles and three-wheeled motorcycles) stole the show with a 47% increase in sales.
Decline in the stock market
Even if these results exceeded analysts’ expectations, BRP shares fell 2.5% on the Toronto Stock Exchange Thursday morning to trade at $107.33.
For the fiscal year that has just begun, BRP expects to increase its revenues by at least 9% and post net profits exceeding $985 million.
These forecasts are broadly in line with those of analysts.