VALCOURT, Que. – The Quebec-based maker of Ski-Doo snowmobiles and other off-road vehicles says the strengthening of the U.S. dollar helped boost its revenue to $1.01 billion in the third quarter.
BRP Inc. (TSX:DOO) says revenue was up $92.2 million or 10 per cent compared with the same time last year, including a $75-million bump from a favourable shift in currency rates.
Net income jumped by 76 per cent to $65.5 million, an increase of $28.3 million.
In addition to benefitting from higher revenue, BRP’s net income included a smaller foreign-exhange loss on long-term debt, which fell by 91 per cent or $27 million from last year’s third quarter.
The largest portion of BRP’s revenue came from seasonal products such as Ski-Doos and Sea-Doos, which were up 5.1 per cent from last year at $476 million.
Revenue from year-round products such as Can-Am four-wheeled all-terrain vehicles and three-wheeled Spyder roadsters rose by 14.3 per cent to $260.1 million. The company also sells parts, accessories, clothing and propulsion systems, which accounted for $274.1 million of the quarter’s revenue, up 15 per cent from last year..
BRP president and CEO José Boisjoli said the company’s strong results in the third quarter reflected the company’s geograpmic, manufacturing and product diversification.
“While considering the volatile economic situation in many regions, I am pleased with how we have progressed so far this year. We have delivered on our plan and we continue to gain momentum with our network worldwide,” Boisjoli said.