BRP reports strong Q1 FY 2022 results
June 15, 2021
On June 3, 2021 BRP Inc. (TSX:DOO; NASDAQ:DOOO) reported its financial results for the three-month period ended April 30, 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 at https://news.brp.com/static-files/45a718a9-4132-4b2a-9cbf-ea4b9ddced7a.
“We had an exceptional start of the year, building on our momentum of growth from prior quarters. Our first quarter results were driven by ongoing robust demand for our products with North American Powersports retail up 39%. We were also lapping a quarter in which our manufacturing operations were partly shutdown,” said José Boisjoli, President and CEO.
“Following our solid first quarter performance, positive outlook for the business and factoring in current supply chain constraints, we increased our overall guidance for Fiscal 22 with Normalized EPS now expected to grow between 44% to 58% over last year.”
“We are excited about the future and will concentrate on converting new entrants into lifelong customers, continue to introduce new products to the market and take full advantage of our anticipated additional production capacity. I thank our employees, suppliers and dealers for their relentless work,” concluded Mr. Boisjoli.
Highlights:
Revenues of $1,809 million, up 47% compared to the same period last year
Net income of $244 million, or diluted earnings per share of $2.79
Normalized diluted EPS[1] of $2.53, up 873% compared to the same period last year Tripled Normalized EBITDA[1] to $379 million, compared to the same period last year
Net debt reimbursement of approximately US$300 million and returned $289 million to shareholders through regular dividend and share repurchases
Annual guidance increased with Normalized EPS growth of 44% to 58% ($7.75 to $8.50) compared to last year
