BRP reports fiscal year 2023 second quarter results
Highlights
- Revenues of $2,439 million, up 28% compared to the same period last year, a record performance for a single quarter in the Companys history;
- Normalized EBITDA [1] of $418 million, slightly higher compared to the same period last year and also representing a record performance for a single quarter;
- Retail sales increase on a percentage basis in the high single-digits and market share gains for SSV in North America despite limited product availability;
- Normalized diluted EPS [1] of $2.94, an increase of $0.05 per share or 2%, while diluted EPS of $2.94, an increase of $0.48 per share, or 20%, compared to the same period last year;
- Increasing full-year guidance for Revenues, Normalized EBITDA [1] and Normalized EPS – diluted [1] upward by $0.30, now ranging from $11.30 to $11.65.
Recent events:
- During its Club BRP 2023, the Company introduced three new Can-Am Off-Road youth ATVs and unveiled new PWC models and updates to its ORV products. It also introduced the fully redesigned Manitou, Alumacraft and Quintrex boats featuring the all-new Rotax outboard engine with Stealth Technology. The Company is also pushing forward with its EV plan and revealed two all-electric Can-Am motorcycle models and introduced the Sea-Doo Rise, a completely new electric hydrofoil board;
- Subsequent to the end of the second quarter, the Company completed the acquisition of 80% of the outstanding shares of Pinion GmbH, a leader in the design and manufacturing of mechanical gearboxes for traditional and electric bicycles. The Company also announced the signature of a definitive agreement with Kongsberg Automotive ASA for the acquisition of substantially all the assets related to the powersport business of Kongsberg Inc., a long-standing BRP supplier of electronic and mechatronic products;
- On August 8, 2022, the Company was the target of a cyberattack, impacting its operational and information technology systems. One week later, it announced that its production operations were progressively resuming.
Valcourt, Quebec, September 14, 2022 – BRP Inc. (TSX:DOO; NASDAQ:DOOO) today reported its financial results for the three- and six month periods ended July 31, 2022. 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 BRPs website.
"We delivered record second quarter results while continuing to advance on our strategic initiatives. Our teams agility and resilience and the strength of our portfolio allowed us to continue to deliver robust performance in this unique operating environment, said José Boisjoli, President and CEO.
"As we are entering the second half of the year, demand for our products continues to be strong across our portfolio of products and markets. With current improvements in supply chain and our additional production capacity, we are in a favourable position to deliver an expected record second half of the year. Taking these factors into account and a stronger than expected second quarter, we are increasing our full-year guidance with an expected Normalized EPS of $11.30 to $11.65, concluded Mr. Boisjoli.
[1] See "Non-IFRS Measures section of this press release.
