BRP Group Boosts FY23 Guidance Post Solid 71% Revenue Growth In Q3

  • BRP Group Inc BRP reported third-quarter FY23 sales growth of 71% year-on-year to CA$2.71 billion.
  • Revenue from year-round products gained 73.8% to CA$1.28 billion, Seasonal products climbed 133.5% to CA$1.02 billion and Powersports PA&A and OEM engines increased 5% to CA$298 million.
  • The gross profit for the quarter rose 59.4% Y/Y to CA$654.7 million, and the gross margin contracted 170 basis points to 24.2%.
  • Normalized EBITDA jumped 94% Y/Y to CA$488 million.
  • EPS was CA$1.76 versus CA$1.53 last year. Normalized EPS was CA$3.64 versus CA$1.48 a year ago.
  • "Our strong product line-ups, additional production capacity and proactive approach to navigating supply chain challenges with the support of our suppliers and dealers were key factors in achieving exceptional retail growth of 43% for powersports in North America," said CEO José Boisjoli. 
  • Outlook: BRP Group expects FY23 total company revenue growth of 27% - 32% Y/Y (prior view Up 26% - 31%).
  • The company expects FY23 normalized EPS of CA$11.65 – CA$12.00 (prior view CA$11.30 - CA$11.65).
  • Price Action: DOOO shares closed higher by 1.69% at $71.47 on Tuesday.
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