BRP Inc. last week announced that it increased the revenue forecast for its marine business for fiscal year 2023 but said supply chain constraints caused retail boat sales to dip in its most recent quarter and are likely to impact the company’s profit in the current quarter (second quarter 2023).
In its fiscal first quarter ended April 30, revenue from BRP’s marine segment increased by 3.8 percent, to Canadian $132.2 million ($105 million), from Canadian $127.4 million ($101.1 million) for the corresponding quarter in 2021, the company said in an earnings press release on Friday.
“The increase was mainly due to a favorable product mix of units sold, as well as favorable pricing,” the statement said.
BRP said it boosted its forecast for marine sales for the remainder of the current fiscal year and now expects revenue in the segment to increase by between 12% and 15% from the Canadian $512.8 million ($407.1 million) the marine business posted in fiscal 2022.
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