BRP's US-listed shares crashed the most on record as the US cash session began, after the jet ski and snowmobile maker withdrew its financial outlook.

The company warned that changes in the US tariff environment surrounding steel, aluminum, and copper could result in a $500 million hit before any mitigation efforts.

BRP wrote in a statement:

For BRP, the amendment mainly leads to a 25% tariff on the total value of imported snowmobiles and the majority of ORV models, replacing the previous 50% tariff on applicable metal content only. The Company currently estimates the potential incremental tariff cost related to this amendment to be in excess of $500 million for the remainder of the year, before any mitigation measures that could partially offset these impacts.

BRP CEO Denis Le Vot stated:

Like many manufacturers, we are operating in a highly volatile and unpredictable tariff environment that continues to create uncertainty across the market.

Despite the material burden of these tariff changes, we expect that, with our solid balance sheet, the agility of our teams and the strong start of the year, we will be able to manage our business through this challenge and continue to push BRP forward.

BRP shares crashed 33% at the start of the US cash session, the most on record with Bloomberg trading data going back to August 2013.

BRP shares are sharply retracing the bull run that began in April 2025 and peaked in February. The shares are in a deep bear market so far this year, down 25%.

Bloomberg data tracking Wall Street analysts shows 12 "Buys," 9 "Holds," and zero "Sells." The average analyst 12-month price target is $82.

Stifel analyst Martin Landry warned, "The magnitude of the impact is mind-blowing, but it is likely the worst-case scenario."