BRP Inc <DOO.TO>, the maker of Ski-Doo snowmobiles and Sea-Doo watercraft, reported a 52 per cent rise in quarterly profit, driven by strong shipments of snowmobiles worldwide, and it raised its full-year adjusted profit forecast.
The Canadian company raised its adjusted earnings forecast to $1.49-$1.54 per basic share from $1.45-$1.50.
BRP’s net profit rose to C$48.2-million ($45.4-million), or 41 Canadian cents per basic share, in the third quarter ended October 31 from C$31.7-million, or 31 Canadian cents, a year earlier.
Excluding items, the company earned 50 Canadian cents per basic share.
Revenue rose 18 per cent to C$866-million.
BRP, which was spun off from Bombardier Inc <BBDb.TO> in 2003, listed on the Toronto Stock Exchange in May.
The company’s competitors include Arctic Cat Inc <ACAT.O>, Polaris Industries Inc <PII.N> and Yamaha Motor Co Ltd <7272.T>.
BRP’s portfolio includes Can-Am all-terrain and side-by-side vehicles and Rotax engines.
The company’s shares closed at C$26.83 on the Toronto Stock Exchange on Wednesday. The stock has risen 25 per cent since its debut, outperforming the Toronto Stock Exchange 300 Composite Index <.GSPTSE>, which has risen 3 per cent.