06:49 AM EDT, 05/31/2024 (MT Newswires) -- BRP (DOO.TO) on Friday reported a drop in first-quarter profit and revenue amid a decline in shipment volumes as the company focused on reducing network inventory levels.

The Canadian manufacturer of snowmobiles, all-terrain vehicles, side by sides, motorcycles, and personal watercraft, on Friday reported fiscal first-quarter normalized net income of $72.5 million, or $0.95 per diluted share, down from $192 million, or $2.38 per diluted share, a year earlier. Analysts polled by Capital IQ expected $0.94.

Revenue for the fiscal first quarter ended April 30 fell to $2.03 billion from $2.43 billion in the year-ago quarter. Analysts surveyed by Capital IQ expected $2.01 billion.

For fiscal year 2025, the company is expecting revenues of $8.6 billion to $8.9 billion. Analysts surveyed by Capital IQ are expecting $9.33 billion.

BRP is expecting normalized earnings for fiscal 2025 of $6 to $7 per diluted share. Analysts polled by Capital IQ are estimating $7.80. Normalized Ebitda for fiscal 2025 is expected to be $1.23 billion to $1.33 billion. For the second quarter of this year, BRP is expecting normalized Ebitda to be down about 25% compared with the first quarter.

The company's board maintained a quarterly dividend of $0.21 per share for holders of its multiple voting shares and subordinate voting shares. The dividend will be paid on July 12 to shareholders of record at the close of business on June 28.

BRP was down 1.5% in Canada yesterday and dropped 6% in early premarket U.S. trading on Friday.