BRP Inc. (TSX: DOO, NASDAQ: DOOO) reported its Q1 financials for the three-month period ended April 30, 2023.... and they made banque! Revenues increased by $620.1 million, or 34.3%, to $2,429.4 million for the quarter, compared to $1,809.3 million for the corresponding period ended April 30, 2022. Note this is in Canadian dollars, eh?
"Momentum picked up in April and Fiscal 2024 is off to a good start for BRP," explained President and CEO of BRP José Boisjoli who told participants in the quarterly call. "We delivered a solid first-quarter performance with record revenue for that period and a 43% increase in Normalized EPS – diluted. Once again, we outpaced the North American powersports industry thanks to sustained consumer demand for our well diversified product portfolio.”
The increase in revenue was primarily due to a higher wholesale volume of UTV, PWC, 3WV as well as a favorable product mix and favorable pricing across all product lines, partially offset by higher sales programs. The increase includes a favorable foreign exchange rate variation of $94.8 million.
The Company’s North American retail sales for Powersports Products increased by 3% for the three-month period ended April 30, 2023 compared to the three-month period ended April 30, 2022. The increase was mainly driven by an increase in the sales of PWC and UTV.
• Revenues of $2,429 million, up 34%, a record for a first quarter in the Company’s history
• Normalized EBITDA of $377 million, up 39% compared to last year
• North American Powersports retail sales grew by 3% compared to the same period last year
• 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.
“We recently celebrated our 10th anniversary as a publicly traded company, and we are proud of our achievements over that period,” added Boisjoli. “Our revenues tripled, Normalized EPS – diluted grew eightfold and our powersports marketshare 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.”
The Company’s first quarter FY24 webcast presentation is posted in the Quarterly Reports section of BRP’s website:
https://news.brp.com/financial-information/quarterly-reports