BRP presents its third quarter results for fiscal year 2024
Highlights
- Revenues of 2,467.8 million CAD, a decrease of 241.5 million CAD or 8.9% compared to the same period last year;
- Normalized EBITDA [1] of 444.9 million CAD, down 8.8% compared to the same period last year;
- Normalized earnings per share – diluted [1] [2] of 3.06 CAD, a decrease of 0.58 CAD per share or 15.9% and earnings per share – diluted [2] of 0.81 CAD, a decrease of 0.95 CAD per share, or 54.0%, compared to the same period last year;
- North American quarterly retail sales were up for SSV, ATV and Snowmobile, offset by lower retail of PWC, 3WV and Sea-Doo Pontoon resulting in overall flat retail when compared to the same period last year; and
- Adjusting full year-end guidance for Normalized EPS – diluted [1] [2] downward, now ranging from 11.10 CAD to 11.35 CAD.
Valcourt, Quebec, November 30, 2023 – BRP Inc. (TSX:DOO; NASDAQ:DOOO) today reported its financial results for the three- and nine-month periods ended October 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.
“BRP delivered sound third-quarter results in the context of the current macroeconomic environment. Our team’s focus on operational excellence enabled us to improve gross margin despite reduced volumes. Our performance has led to solid retail sales growth since the beginning of the year, resulting in further market share gains in the North American Powersports industry,” said José Boisjoli, President and CEO of BRP.
“Like the rest of the industry, we have observed softening demand, particularly in international markets. We have proactively adjusted production and deliveries to manage network inventory and protect our dealer value proposition.”
“Importantly, since we became BRP 20 years ago, we have never shied away from investing in our future to build a resilient organization that is geared up to respond to market fluctuations. We remain well-positioned to drive long-term profitable growth thanks to our dedicated team, innovative and diversified product portfolio, and engaged dealer network,” concluded Mr. Boisjoli.
[1] See « Non-IFRS Measures » section of this press release
[2] Earnings per share is defined as “EPS
