BRP Posts First Quarter Financials

BRP Posts First Quarter Financials

As the BRP Group is listed on the stock exchange, it is obliged to publish its financial statements, and of course this information is public.

As anticipated, revenues for the marine division are down, and let’s say down sharply for the first quarter of 2025, by -56%.

They are no exception, with dealer inventories at their peak for all categories and, of course, all brands (personal watercraft, pontoons, rowboats, boats and yachts). For BRP, we’re talking mainly about SEA-DOO watercraft, MANITOU pontoons and also ALUMACRAFT and QUINTREX.

So we’re definitely in a buyer’s market where sellers are plentiful, but buyers are rare or very negotiative. This has the effect of encouraging lower offers for any boat, new or used.

The American market seems much more affected than the Canadian one. Even with the exchange rate, the bargains are mainly on the American side, particularly for boats worth over 1 million.

Here is the specific data published by BRP Group:

BRP Posts First Quarter Financials

Total revenues were down 16.4% year-over-year, and the marine segment was down 56.6%.

BRP reported revenues of $1.49 billion for its fiscal 2025 first quarter, a 16.4% decrease year-over-year. Marine segment revenues for the three months ended April 30 were $39.09 million, a 56.6% decline from $89.69 million a year ago.

“Our first quarter results were in line with expectations and reflect our focus on managing network inventory to protect our dealer value proposition,” president and CEO José Boisjoli said in a statement. “Our strong product portfolio performed well at retail, especially in the Year-Round Products category, where we gained market share across all product lines.

“As the year unfolds, our dealers’ profitability is under more pressure than anticipated, given the current macroeconomic context, a more competitive landscape and high interest rates,” he added. “For these reasons, we have decided to adjust our production to further reduce network inventory while continuing to maximize retail sales.”

Gross profit for the first quarter was $351.96, a 23% decline year-over-year. Operating expenses increased $10.49 million, or 4.2% year-over-year, attributed to higher research and design expenses and restructuring and reorganization costs.

North American retail sales for the marine segment increased 16% year-over-year.

BRP said it adjusted its fiscal-year 2025 guidance, with total revenues down at least $6.3 billion and marine down 40% to 50%.