BRP reports fiscal year 2021 third quarter results
Highlights for the quarter vs Q3 FY20:
- Revenues of $1,674.7 million, an increase of $31.1 million or 1.9%;
- Gross profit of $486.9 million representing 29.1% of revenues, an increase of $45.0 million;
- Net income of $198.7 million, an increase of $63.4 million, which resulted in a diluted earnings per share of $2.22, an increase of $0.73 per share;
- Normalized net income of $190.6 million, an increase of $53.9 million, which resulted in a normalized diluted earnings per share of $2.13, an increase of $0.62 per share or 41.1%;
- Normalized EBITDA of $348.6 million representing 20.8% of revenues, an increase of $80.4 million or 30.0%;
- FY21 Normalized EPS guidance increased from $3.65-$3.95 to $5.00-$5.25, an expected growth of 31% to 37% compared to FY20.
- On November 24, 2020, the Company’s Board of Directors authorized the renewal of its normal course issuer bid program which, subject to approval by the TSX, allows for the purchase for cancellation of up to approximately 4.3M subordinate voting shares over the next 12 months, representing approximately 10% of the Company’s public float.
- The Company’s Board of Directors declared a quarterly dividend of $0.11 per share.
“We are very pleased with our results as our strong line-up continues to gain market share globally. The surge in demand for our products has offered a major opportunity for us to continue this pace and we are working hard to maintain it. We expect this positive trend to continue over the next quarter, and based on this, we are increasing our year-end guidance with Normalized EPS now expected to be up 31% to 37% vs. last year.
I would also like to thank the remarkable dedication of our employees, dealers and suppliers who have risen to the occasion and allowed us to continue to deliver exceptional results while still ensuring the health and safety of our people everywhere around the world.”
José Boisjoli, President and CEO