Bombardier Recreational Products (BRP) achieved record results in 2022 as annual sales surpassed $10 billion for the first time.
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During its fiscal year ended January 31, the Valcourt company had net income of $865 million on revenues of just over $10 billion.
“We are proud of our outstanding fourth quarter retail sales, which enabled us to significantly outperform the powersports industry and end the year with an exceptional five percentage point market share gain in North America,” said José Boisjoli, CEO of BRP in a statement.
In the fourth quarter, BRP’s revenue rose 31% to nearly $3.1 billion. Net income reached $365.1 million, up 74%. All-season products (side-by-sides, ATVs and three-wheeled motorcycles) stole the show with a 47% increase in sales.
decline in the stock market
Although these results beat analysts’ expectations, BRP shares fell 2.5% on Thursday morning on the Toronto Stock Exchange to trade at $107.33.
For the fiscal year just started, BRP expects revenue to increase by at least 9% and net income to exceed $985 million.
These forecasts are broadly in line with those of analysts.