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BRP Inc. (TSX: DOO, NASDAQ: DOOO) is a global leader in the design, development, manufacturing, distribution, and marketing of powersports vehicles. Founded by Joseph-Armand Bombardier in 1937, the company has continued to innovate for over 80 years. Headquartered in Quebec, Canada, BRP employs approximately 23,000 people and has annual sales of CA$10.4 billion, with its products distributed in more than 130 countries.
BRP offers an extensive range of products under its well-known brands: Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons, and Rotax propulsion systems for boats, karts, and recreational aircraft. The company also provides a dedicated line of parts, accessories, and apparel to enhance the riding experience. Committed to sustainability, BRP is focusing on developing electric models and exploring new low-voltage and human-assisted product categories.
In recent years, BRP has achieved significant milestones, including the acquisition of boat manufacturers Alumacraft, Triton (making Manitou pontoon boats), and Telwater in Australia, to bolster its Marine Group established in 2018. The company's products are sold through a network of over 2,450 independent dealers and 150 distributors globally.
Latest News:
- BRP continues to lead the snowmobile market with the introduction of the 2025 Ski-Doo and Lynx lineups, featuring innovations like the RAS RX front suspension for MXZ models and new electric models designed for commercial users and consumers.
- Financial performance: For FY24 Q4, BRP reported net cash flows from operating activities totaling $1,658.1 million, a significant increase from the previous year due to favorable changes in working capital and lower taxes paid.
- Upcoming events: BRP's annual general meeting will be held virtually on May 31, 2024, allowing all shareholders to participate regardless of location.
BRP's commitment to continuous innovation and customer satisfaction has solidified its position as a market leader in the powersports industry.
BRP announced the launch of the 2022 Alumacraft Pro Series bass boats, designed to enhance fishing experiences. Key features include improved ergonomic seating, larger storage compartments, and vibrant color options. The Pro Series provides more value with spacious decks and excellent stability for anglers of all experience levels. Notably, bow deck storage has been redesigned to accommodate longer rods, while overall storage has increased by 25%. With a focus on comfort and durability, these boats aim to deliver an exceptional on-water experience.
BRP's Can-Am On-Road brand is experiencing significant growth, highlighting its appeal to diverse customer bases. In North America, over 50% of Can-Am Ryker owners are new to the market, with 33% being female and 49% from diverse communities. The introduction of the 2022 Can-Am Ryker Rally and other innovative models aims to enhance the riding experience. BRP is committed to empowering riders through education and community programs. With annual sales reaching CA$6.0 billion, BRP continues to innovate in the powersports industry.
BRP (TSX: DOO) (NASDAQ: DOOO) announces its 2022 Can-Am Off-Road vehicle lineup, featuring innovative enhancements to improve the rider experience. The brand introduces a groundbreaking 200hp engine in the Maverick X3, along with new Rotax engines HD7 and HD9, promising significant power increases. Enhanced features include advanced suspension, superior traction with the Visco-4Lok system, and a robust design for varying terrains. This release highlights BRP's commitment to performance and growing market demand, appealing to riders of all skill levels.
BRP (TSX: DOO) has introduced the 2022 Sea-Doo Switch, an innovative pontoon boat that combines the enjoyment of Sea-Doo with the stability of a pontoon platform. Starting at US$17,999, it features a modular design with almost 100 different configurations for various activities. The Switch is equipped with a Rotax jet propulsion system, making it the first pontoon with brakes. Additionally, BRP launches two new FISH PRO watercraft models, enhancing its fishing product range. The BRP GO! app will also be available for on-water use, improving the overall user experience.
BRP Inc. (TSX: DOO) has announced the completion of its substantial issuer bid (SIB), purchasing 3,381,642 subordinate voting shares at $103.50 each for a total of $350 million. This buyback accounted for 4% of the total issued shares as of July 27, 2021. Due to oversubscription, shareholders received approximately 83% of their tendered shares. The company will have 37,716,787 subordinate voting shares and 42,954,979 multiple voting shares outstanding following the purchase. A deemed dividend of $99.35 per share has been triggered for Canadian residents.
BRP Inc. (TSX: DOO) (NASDAQ: DOOO) announced the preliminary results of its substantial issuer bid (SIB) to purchase up to $350 million worth of subordinate voting shares. The SIB expired on July 23, 2021, with BRP planning to acquire approximately 3,381,642 shares at a price of $103.50 each, representing 4% of total shares outstanding. Due to oversubscription, shareholders will have about 83% of their tendered shares purchased. Following the SIB, BRP expects 37,716,787 shares and 42,954,979 multiple voting shares will be outstanding.
On July 17, 2021, a fire occurred in the storage yard of BRP's Juarez 2 facility in Mexico, leading to the safe evacuation of all employees and no reported injuries. The fire affected some side-by-side vehicles, resulting in the loss of approximately six days of production. Despite this incident, BRP anticipates no material impact on business and aims to resume production by mid-week. The company is working with authorities to investigate the cause of the fire while implementing measures to mitigate delivery delays.
BRP Inc. (TSX: DOO) (NASDAQ: DOOO) announced a substantial issuer bid to purchase up to $350 million of its subordinate voting shares. The offer will utilize a modified Dutch auction format, allowing shareholders to specify their tender prices within a range of $94.00 to $113.00. It is anticipated that the formal offer documents will be mailed on June 18, 2021, with the offer open until July 23, 2021. Key shareholders, Beaudier Inc. and 4338618 Canada Inc., holding approximately 27.7% of shares, will participate to maintain their ownership stake.
BRP Inc. (TSX: DOO) (NASDAQ: DOOO) held its annual meeting of shareholders virtually on June 3, 2021. During the meeting, it was announced that Joseph Robbins is leaving the Board of Directors after eight years of service. All nominees listed in the management proxy circular dated April 27, 2021, were elected, with Pierre Beaudoin receiving 95.10% of votes in favor. Key board committee changes included Charles Bombardier and Ernesto M. Hernández joining the Investment and Risk Committee. BRP continues to maintain a strong portfolio in powersports with annual sales exceeding CA$6 billion.
BRP Inc. (TSX: DOO, NASDAQ: DOOO) reported strong Q1 results for the period ending April 30, 2021, with revenues of $1,809 million, up 47% year-over-year. The net income was $244 million, yielding diluted EPS of $2.79 and normalized diluted EPS of $2.53, a staggering 873% increase. North American Powersports retail sales surged 39%. The company plans to return $289 million to shareholders and has raised its FY22 guidance, projecting normalized EPS growth of 44% to 58%. Financial metrics reveal a gross profit margin increase to 30%.
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