BRP has a record second quarter overall but with softening in marine
Sept 11, 2023
BRP has reported their second quarter 2023 results and with revenues of $2,778.0 million, the company was up 14% compared to the same period last year, a record second quarter for BRP.
The company is increasing its full year-end guidance for Normalized EPS now ranging from $12.35 to $12.85.
“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 and $12.85,” concluded Mr. Boisjoli.
The record results were achieved in spite of the fact that Marine Products retail sales decreased by 44% compared to the three-month period ended July 31, 2022 as a result of softening consumer demand for the boating industry and lower product availability of newly introduced products in comparison with the prior-year period.
[1] See « Non-IFRS Measures » section of this press release [2] Earnings per share is defined as “EPS”
