BRP reports fiscal year 2022 third quarter results
- Revenues of $1,588.0 million for the quarter, down 5.2% reflecting the previously anticipated decrease of product deliveries mainly caused by supply chain disruptions and $5,300.4 million for the nine-month period ended October 31, 2021, up 28.1% compared to the same periods last year
- Net income of $127.7 million, or diluted earnings per share of $1.53
- Normalized diluted EPS  of $1.48, down 30.5% for the quarter and $6.93, up 95% for the ninemonth period ended October 31, 2021 compared to the same periods last year
- Normalized EBITDA  of $251.7 million, down 27.8% for the quarter and $1,045.7 million, up 52% for the nine-month period ended October 31, 2021, compared to the same periods last year
- Market share gains in ORV and PWC in North American Powersports with retail sales down 20% compared to a record quarter last year due to limited product availability in the network
- Increase of the low end of the full year guidance by $0.75 with a revised annual guidance for Normalized EPS – diluted  now ranging from $9.00 to $9.75, representing a growth of 67% to 81% compared to FY21, and up from previous guidance of $8.25 to $9.75
- Renewal of the normal course issuer bid program which allows for the repurchase of up to 3.8 million of subordinate voting shares over the next twelve months, subject to approval by the TSX
 See “Non-IFRS Measures” section of this press release.
Valcourt, Quebec, December 1, 2021 – BRP Inc. (TSX:DOO; NASDAQ:DOOO) today reported its financial results for the three- and nine-month periods ended October 31, 2021. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available on Sedar as well as in the section Quarterly Reports of BRP’s website.
“In this challenging environment, our team’s agility allowed us to continue to outpace the Powersports industry in retail sales, gain market share and deliver stronger than expected profitability, translating into record results year-to-date. Our third quarter results reflect the previously anticipated decrease of product deliveries due to supply chain disruptions,” said José Boisjoli, President and CEO.
“Given our strong year-to-date performance and our ongoing initiatives to mitigate supply chain issues, we are confident to meet our FY22 year-end guidance. As a result, we have raised the lower end of our range implying a Normalized EPS growth of 67% to 81% over last year. Building on this momentum, we expect to generate further solid growth in FY23, driven by the sustained consumer interest in powersports, demand from new product introductions, the upcoming significant inventory replenishment cycle and additional production capacity,” concluded Mr. Boisjoli.
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