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BRP Inc. DOO-T rode runaway powersport vehicle sales to a major jump in earnings last quarter, a better-than-expected performance the company says paves the way for further growth this year.

The Ski-Doo maker reported that fourth-quarter profit rose 75 per cent year over year to $365.1-million, while revenue leaped 31 per cent to a record high of $3.08-billion.

Sales of year-round products – all-terrain vehicles, side-by-side vehicles and three-wheeled motorcycles – fuelled the rise, increasing 47 per cent to $1.25-billion in the quarter ended Jan. 31 compared with the same period a year earlier.

Seasonal products such as snowmobiles and Sea-Doos saw revenue surge 26 per cent to $1.32-billion.

The results drove the Valcourt, Que.-based company to a 35 per cent market share for powersports in North America, its highest ever. It also claimed No. 1 market share among all original equipment manufacturers in the segments it operates in, up from fourth in 2020.

“BRP’s Q4 results reflect good execution amidst ongoing disruptions, including supply chain issues (which the company noted are gradually normalizing) and higher production costs,” said RBC Capital Markets analyst Sabahat Khan in a note to investors.

In its outlook, the company laid out expectations of revenue growth of nine to 12 per cent to roughly $11-billion this year. The forecast offers a more confident outlook than Minnesota-based rival Polaris Inc., which anticipates a two per cent revenue bump.

“This suggests that BRP expects to continue to gain market share in fiscal year 2024,” said analyst Martin Landry of Stifel GMP in a note.

Last quarter, BRP’s normalized diluted earnings per share increased to $3.85 from $3.00 the year before, slightly beating analyst expectations, according to financial markets data firm Refinitiv.

Normalized diluted earnings per share for the 2024 financial year are expected to fall within a range of $12.25 to $12.75, an increase of two to six per cent, the company said.

BRP also raised its quarterly dividend to 18 cents per share compared with its previous rate of 16 cents per share.

“Heading into fiscal 2024, despite macro concerns, we expect to continue our growth,” said CEO Jose Boisjoli in a statement.

“BRP’s proven reputation for product innovation, industry-leading brands and solid dealer network provide a robust foundation for sustainable growth.”

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