BRP reports Q3 profit and revenue up from year ago, raises guidance

By The Canadian Press on November 30, 2022.

VALCOURT, Que. – BRP Inc. reported its third-quarter profit and revenue rose compared with a year ago and raised guidance for its full year.

The Ski-Doo and Sea-Doo maker says it earned $141.6 million or $1.76 per diluted share for the quarter ended Oct. 31, up from $127.7 million or $1.53 per diluted share in the same quarter last year.

Revenue for the quarter totalled $2.71 billion, up from $1.59 billion a year earlier.

On a normalized basis, BRP said it earned $3.64 per diluted share in its latest quarter, up from a normalized profit of $1.48 per diluted share in the same quarter last year.

In its outlook, BRP said it expected revenue for its full year to rise 27 to 32 per cent compared with earlier guidance for growth between 26 and 31 per cent.

Normalized earnings per share for the full year are now expected to be between $11.65 and $12, up from its previous forecast for between $11.30 and $11.65.

“BRP delivered record fiscal 2023 third-quarter results, well ahead of expectations, driven by our team’s solid execution and our operational discipline,” BRP chief executive José Boisjoli said in a statement.

“Looking ahead, we are in a strong position to sustain our growth thanks to our industry-leading brands, relentless innovation, proven performance and quality products.”

This report by The Canadian Press was first published Nov. 30, 2022.

Companies in this story: (TSX:DOO)

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