(Valcourt) The Quebec manufacturer of recreational vehicles BRP reports an increase in its net profit for the first quarter of 155.5 million, which rose from 209.6 million last year to 365.1 million this year.

Normalized diluted earnings per share were $3.85, up 28%, while diluted earnings per share were $4.54, up 82% from the same period of the previous year.

The company based in Valcourt, Estrie, adds that its revenues amounted to 3.076 billion, up 31%, compared to the corresponding period of the previous fiscal year, a record result in its history for a single quarter.

On the other hand, BRP’s net profit for the fiscal year that ended last January 31 increased to 865.4 million compared to 794.6 million for the fiscal year ended a year earlier. The manufacturer attributes the rise to better operating profit and lower net finance costs.

BRP President and CEO José Boisjoli adds that in fiscal 2023, revenues crossed the $10 billion threshold for the first time. He reported that profit margins were strong and normalized earnings per share beat the guidance range.

For the full fiscal year 2024, BRP says it is in a good position for its revenues to increase by 9% to 12% compared to fiscal year 2023 and for its normalized diluted earnings per share to increase by between 2% and 6 %.

BRP’s Board of Directors has declared a quarterly dividend of $0.18 per share to holders of Multiple Voting Shares and Subordinate Voting Shares. The dividend will be paid on April 17.

Company named in this dispatch: BRP (TSX: DOO)