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BRP Inc. executives said the Ski-Doo maker needs to stay calm in the face of tariffs proposed by U.S. president-elect Donald Trump — tariffs that could hurt a manufacturer that depends on Mexican production. "I don't think we should overreact right now," chief financial officer Sébastien Martel told analysts on a conference call Friday. "We should not speculate too much, because there are hundreds of different possibilities." Last month, the incoming president threw markets into turmoil when he threatened to slap a 25 per cent tariff on all products entering the U.S. from Canada and Mexico. Trump also proposed a 10 per cent tariff on Chinese imports. Some 70 per cent of BRP's production stems from Mexico, Martel said. The company also churns out Ski-Doo snowmobiles and some of its Can-Am three-wheeled motorcycles at a factory in Valcourt, Que. He stressed the advantage of Mexico's lower labour costs as well as its skilled workforce and the benefits of a North American free trade agreement. "We believe we would not be the same company had we not had that footprint in Mexico," Martel said. Roughly 10 per cent of BRP's goods are sourced from China, Martel noted, adding that those parts are "less technically complex." "There are parts that we could easily transfer to another supplier," he said. "Obviously, it would require work." Many observers have framed Trump's tariff threat as a gambit to gain negotiating leverage, rather than an announcement set in stone. "We are used to dealing with evolving trade agreements and have always succeeded in finding solutions to new tariffs," said CEO José Boisjoli. National Bank analyst Cameron Doerksen said the "uncertainty on this issue" remains a problem. "With the return of the Trump administration, the risk of tariffs on powersports imports into the U.S. market has risen materially, with BRP potentially vulnerable," he said in a note to investors. The uncertainty over tariffs could hardly come at a worse time for the company. BRP saw earnings plunge across all product lines amid dropping demand last quarter, capping off a tough year for the recreational vehicle manufacturer. Net income at the Sea-Doo maker fell 70 per cent year-over-year to $27.3 million in the quarter ended Oct. 31. Third-quarter revenue decreased 17 per cent to $1.96 billion. "Our retail performance was as anticipated, reflecting a challenging market dynamic due to soft industry trends," Boisjoli said, stating that discounts from competitors added to the company's woes. A slow start to the snowmobile season has not helped either. "The snow is a bit late, but now it’s catching up. And we expect good retail this season," Boisjoli said, adding that Ski-Doo sales over the next three months remain a "big question." After an urge for outdoor activity sparked a sales boom during the COVID-19 pandemic, buyers responded to inflation and interest rate hikes by pulling back from pricey recreational purchases. BRP's revenues have fallen year-over-year for eight straight quarters. Last month, the company laid off more than 120 employees in its home province of Quebec. The cuts followed some 1,150 layoffs across North America earlier this year, leaving it with roughly 20,000 workers globally. In October, BRP put its marine businesses up for sale as it looks to focus on powersports products and cut the cable to its money-losing boat brands. Nonetheless, its diluted earnings of $1.16 per share beat analysts' expectations of 69 cents, according to financial markets firm LSEG Data & Analytics. The performance boosted BRP's stock price seven per cent; it closed at $72.75 on the Toronto Stock Exchange on Friday. The company forecast that sales of seasonal products such as Ski-Doos and Sea-Doos will fall by more than 30 per cent this year. The category accounted for a third of BRP revenues last quarter. It predicted sales of all-terrain vehicles and other year-round products — comprising more than half of revenue in the quarter — will drop by more than 20 per cent. This report by The Canadian Press was first published Dec. 6, 2024. Companies in this story: (TSX:DOO) Christopher Reynolds, The Canadian PressState health officials and the Centres for Disease Control and Prevention (CDC) are keeping a close eye on the household for signs of bird flu. The CDC recently discovered the first severe human case of H5N1 bird flu in the United States , despite the fact that no human cases have been reported in Oregon. ET Year-end Special Reads Two sectors that rose on India's business horizon in 2024 2025 outlook: Is it time for cautious optimism or rekindling animal spirits? 2024: Govt moves ahead with simultaneous polls plan; India holds largest democratic exercise The person who was admitted to the hospital in Louisiana may have been exposed by a flock in their backyard. A cat in Oregon passed away from bird flu, a highly contagious disease connected to tainted pet food, prompting a nationwide pet food recall. Concerns regarding domestic pets' vulnerability to avian influenza, especially cats , have been raised by the incident. Northwest Naturals' Feline Turkey Recipe raw frozen pet food, which has a sell-by date of May 21, 2026, to June 23, 2026, is the subject of the recall. The batch tested positive for bird flu, also known as highly pathogenic avian influenza (HPAI). The impacted product should be thrown away, and customers can request a refund by calling Northwest Naturals at 866-637-1872. 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A Cat's Death Associated with Polluted Food State officials ruled out environmental exposure to the virus by confirming that the cat in question was an indoor pet. According to genome sequencing, the virus strain identified in the infected cat was the same as the one found in the raw pet food. According to Dr Ryan Scholz, a veterinarian at Oregon State, "this cat was strictly indoors; it was not exposed to the virus in its environment." He underlined that the pet food itself was the source of the contamination. State health officials and the Centres for Disease Control and Prevention (CDC) are keeping a close eye on the household for signs of bird flu. The CDC recently discovered the first severe human case of H5N1 bird flu in the United States, despite the fact that no human cases have been reported in Oregon. The person who was admitted to the hospital in Louisiana may have been exposed by a flock in their backyard. Cats as Carriers: Some Concerns According to a recent study, there are worries that cats may spread bird flu. They can contract the disease by eating tainted food or coming into contact with infected birds. This emphasises how crucial attention to detail is when it comes to pet care and supervision. Symptoms In humans, symptoms can range from mild to severe, including fever, cough, sore throat, muscle aches, eye infections, and difficulty breathing. Although birds are the primary victims of bird flu, certain situations can also infect mammals, such as cats and humans. Among the symptoms in cats are: the inability to breathe, laziness, diminished appetite, fever, nasal discharge, and convulsions (in extreme situations) Steps to Protect Pets and Families To protect both pets and humans from bird flu, experts recommend avoiding raw pet food, practising hygiene, supervising pets outdoors, regular veterinary checkups, and proper disposal. Industry and Public Health Response The recall follows increased surveillance of bird flu cases among domestic animals, and authorities are urging consumers to remain vigilant about their pets' health and report any suspected cases to local veterinarians or health departments. FAQs Can cats catch bird flu? Yes, cats can get bird flu from contaminated food or contact with infected birds. The symptoms include difficulty breathing, lethargy, and fever. If symptoms develop, seek immediate veterinary attention. Which pet foods are affected by the recall? Northwest Naturals' Feline Turkey Recipe raw frozen pet food, with sell-by dates of May 21, 2026 and June 23, 2026, has been recalled due to contamination with highly pathogenic avian influenza (bird flu). (You can now subscribe to our Economic Times WhatsApp channel )
NEW YORK — Stoli Group USA, the owner of the namesake vodka , has filed for bankruptcy as it struggled to contend with slowing demand for spirits, a major cyberattack that has snarled its operations and several years of fighting Russia in court. The company in its bankruptcy filing said it is “experiencing financial difficulties” and lists between $50 million and $100 million in liabilities. Stoli vodka and Kentucky Owl bourbon will continue to be available on store shelves while the company navigates the Chapter 11 process, which only pertains to its U.S. business. Until 2022, Stoli was sold as Stolichnaya in the United States, which loosely translates to “capital city” in Russian. The company shortened its title following Russia’s invasion of Ukraine and boycotts against Russian-branded vodkas . Stoli Group’s founder, Russian-born billionaire Yuri Shefler, was exiled from that nation in 2000 because of his opposition to President Vladimir Putin. The liquor has long been marketed as a Russian vodka, but its production facilities have been in Latvia for several decades. Stoli Group is a unit of Luxembourg-based SPI Group, which owns other spirit and wine brands. “The Stoli Group has been targeted by the Russian Federation since it was formed nearly 25 years ago,” said Stoli Group CEO Chris Caldwell in a statement. “Earlier this year the company and our owner were both named by the Russian state as ‘extremist groups working against Russia’s interests.’” Its ongoing legal battle with the Russia government has forced Stoli to “spend dozens of millions of dollars on this long-term court battle across the globe with the Russian authorities,” according to its court filing. Caldwell also said that Stoli’s global operations has been a “victim of a malicious cyber attack” that has forced the company to operate “entirely manually while the systems are rebuilt.” A slowdown in demand for alcohol has crushed several company’s bottom lines following the pandemic when people were stuck at home and stocked up. Stoli’s filings said that it has seen a “decline and softening of demand for alcohol and spirits products post-Covid and especially beginning in 2023 and continuing into 2024.”