BRP reports First Quarter Revenues up 34%

July 12, 2023

June 1, 2023, BRP Inc., reported its financial results for the three-month period ended April 30, 2023. “Fiscal 2024 is off to a good start for BRP. We delivered a solid first-quarter performance with record revenue for that period and a 43% increase in Normalized EPS. Once again, we outpaced the North American Powersports industry thanks to sustained consumer demand for our strong and well diversified product portfolio,” said José Boisjoli, President and CEO of BRP.

“We recently celebrated our 10th anniversary as a publicly traded company, and we are proud of our achievements over that period. Our revenues tripled, Normalized EPS – diluted grew eightfold and our Powersports market share almost doubled. Moreover, we created significant value for shareholders with a 368% share price appreciation as of the anniversary date, and $2.7 billion in capital distributions through dividends and share repurchases.”

“Driven by a regular flow of new product introductions, and with many others in their early stage of growth, the future is very promising for BRP. Over the short term, our focus is on executing and optimizing efficiencies, and we remain on pace to deliver on our financial guidance for this year,” concluded Mr. Boisjoli.

Highlights of the report:
• Revenues of $2,429 million, up 34% compared to the same period last year, a record for a first quarter in the Company’s history;
• Normalized EBITDA [1] of $377 million, up 39% compared to the same period last year;
• Normalized earnings per share – diluted of $2.38, an increase of $0.72 per share or 43% and diluted earnings per share of $1.92, an increase of $0.46 per share, or 32%, compared to the same period last year; and
• Reaffirming full year-end guidance of revenues up 9% to 12% compared to Fiscal 2023, and Normalized earnings per share – diluted between $12.25 and $12.75.
• North American Powersports retail sales grew by 3% compared to the same period last year, once again outperforming the industry driven by market share gains in SSV and PWC

Complete details are available on the BRP website at https://news.brp.com/news-releases/news-release-details/brp-reports-its-first-quarter-2024-results