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UPDATE 1-Ski-Doo snowmobile maker BRP's profit misses estimates

Published 2016-06-09, 06:50 a/m
© Reuters. UPDATE 1-Ski-Doo snowmobile maker BRP's profit misses estimates
DOO
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(Adds forecast, details)
June 9 (Reuters) - Canada's BRP Inc DOO.TO reported a
lower-than-expected quarterly profit as the company offered
aggressive promotions to stimulate demand for its snowmobiles
amid poor snowfall.
BRP, which makes Ski-Doo snowmobiles and Sea-Doo watercraft,
said gross margin for the first quarter ended April 30 slipped
to 20.9 percent from 23.7 percent a year earlier.
However, the company raised its adjusted earnings forecast
for the fiscal year as it expects to launch new products in the
coming months.
BRP now expects earnings of C$1.79-C$1.89 per share for the
year ending January 2017, compared with C$1.75-C$1.85 per share
it had estimated previously.
The company's net profit rose 33.2 percent to C$110.7
million ($87.07 million), or 96 Canadian cents per share, from a
year earlier.
Revenue rose 3.5 percent to C$929.9 million.
The Valcourt, Quebec-based company reported an adjusted
profit of 4 Canadian cents per share, missing analysts' average
estimate of 6 Canadian cents, according to Thomson Reuters
I/B/E/S.
($1 = 1.2714 Canadian dollars)

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