BRP, manufacturer of Can-Am side-by-sides, announced results for the first quarter of fiscal year 2017 which ended April 30, 2016. The following are highlights related to the small, task-oriented vehicle market. (Figures in Canadian $)
- Revenues increased 4% for the quarter to $919.9 from $898.1 in Q1 last year.
- Net income increased $110.7M, an increase of $27.6M compared to the same period last year.
- Management reports Can-Am powersports retail outpaced the industry in all geographical markets.
- Year-Round Products business which includes side-by-sides, ATVs and the Spyder increased 1% to $400.2 for the quarter.
- Can-Am side-by-side (SSV) retail grew mid-single digits, slightly lower than industry pace.
- Management reports good early momentum for the Can-Am Defender.
- Management expects to launch new SSV every 6 months for four years.
- New models have been more specialized to target specific applications or sub-segments such as mud riding or entry level price points.
- Management expects Year Round Products revenue to increase 6% to 10% for fiscal year 2017 driven in part by Can-Am Defender shipments, new product introductions and richer product mix.