BRP presents its second quarter results for fiscal year 2024
Highlights
- Revenues of 2,778.0 million CAD, up 14% compared to the same period last year, a record second quarter for BRP;
- Normalized EBITDA [1] of 473.1 million CAD, up 13% compared to the same period last year;
- North American Powersports retail sales grew by 41% compared to the same period last year, once again outperforming the industry and achieving record highs in terms of market share for PWC, ATV and SSV;
- Normalized earnings per share – diluted [1] of 3.21 CAD, an increase of 0.27 CAD per share, or 9%, and earnings per share – diluted of 4.26 CAD, an increase of 1.32 CAD per share, or 45%, compared to the same period last year; and
- Increasing full year-end guidance for Normalized EPS – diluted [1] [2] upward by 0.10 CAD, now ranging from 12.35 CAD to 12.85 CAD.
Recent events – Highlights from Club BRP 2024
- The Company launched the all-new Can-Am Maverick R, setting a new benchmark in the high-end SSV Sport segment. BRP also announced that it was expanding the Can-Am SSV lineup with more 4-seaters and entry-level models.
- For 3WV, the Company revealed that it was enhancing the rider connectivity experience on all Can-Am Spyder F3 and RT models, which will now feature an all-new 10.25-inch color touchscreen with Apple CarPlay.
- The Company also introduced the next generation of its iconic Sea-Doo Spark, and the new class-leading 325 hp Sea-Doo RXP-X/RXT-X. In addition, it unveiled the new Sea-Doo Switch Cruise Limited pontoon, with a host of upgraded technologies.
- On the Marine side, BRP announced that it was bolstering the Manitou lineup for model year 24 with the all-new Manitou Explore MAX Dual Engine model, featuring dual Rotax S150 outboard engines, a larger MAX Deck and the iDock intuitive piloting system.
Valcourt, Quebec, September 7, 2023 – BRP Inc. (TSX:DOO; NASDAQ:DOOO) today reported its financial results for the three- and six-month period ended July 31, 2023. All financial information is in Canadian dollars unless otherwise
noted. The complete financial results are available on SEDAR and EDGAR as well as in the section Quarterly Reports of BRP’s website. “We are pleased with our performance as BRP delivered its strongest second quarter ever with revenues and Normalized EPS – diluted [1] increases of 14% and 9%, respectively, over last year. Driven by solid consumer demand, we significantly outpaced the North American Powersports industry with an impressive 41% growth at retail, further increasing our market share in most product categories. We thank our employees for raising the bar and developing market-shaping products that set us apart worldwide,” said José Boisjoli, President and CEO of BRP.
“We had a very successful BRP Club in August with a significant number of new model launches. Our reputation for innovation, the breadth of our portfolio, and a strong dealer network are key advantages for us in the industry, paving the way for continued success going forward.”
“With our solid momentum, we expect fiscal 2024 to deliver record revenues and profitability. Reflecting our positive outlook, we are increasing the range of our financial guidance to Normalized EPS – diluted [1] between 12.35 CAD and 12.85 CAD,” concluded Mr. Boisjoli.
[1] See « Non-IFRS Measures » section of this press release
[2] Earnings per share is defined as “EPS
