BRP reports record results
Mar 27, 2023
BRP has reported revenues of 3076.3 million, an increase of 728.8 million or 31% compared to the same period last year, a record performance for a single quarter in the company’s history.
The impressive results included the fact that retail sales were up for power sports products by 21% compared to the same period last year. They also reported results for the fiscal year FY23 which featured increased revenues by 31% compared to last year reaching an all-time record high of $10,033.4 million, a number that outperformed BRP’s increased FY23 guidance. The company provided strong returns to shareholders with $356 million deployed for share repurchasing and dividend payments and they continue to invest in future market-shaping products with the completion of three acquisitions, the creation of the LVHA group and the start of construction of the CAN-AM electric two wheel motorcycle production facility in Mexico.
Their fiscal 2024 full year guidance is that the company is well positioned to continue its growth with revenues expected to increase in the range of 9% to 12% compared to fiscal year 2023 and that normalized diluted earnings per share are expected to be in the range of $12.25 to $12.75 dollars resulting in an increase of 2% to 6% compared to fiscal 2023.
“We achieved record results for the year with revenues exceeding $10 billion for the first time ever, solid profit margins and Normalized EPS above our guidance range. These achievements speak volumes about the dedication and relentless work of our team, as well as the strength of our product portfolio. We are proud of our outstanding fourth quarter retail performance as we significantly outpaced the Powersports industry and concluded the year with an exceptional 5 percentage points market share increase over the previous year in North America,” said José Boisjoli, President and CEO of BRP.
Of particular note, the company offers FY24 guidance that the Marine Sector is projected to reach increases in the range of 45% to 50%.
