BRP Inc. DOOO reported second-quarter FY24 sales growth of 14% year-on-year to $2.081 billion, beating the consensus estimate of
Adjusted EPS was $2.41, beating the street view of $2.19.
High deliveries of units mainly explain the increase in sales due to improvements in the supply chain and sustained demand, which is driven in part by strong SSV, ATV, Sea-Doo pontoon, and Snowmobile retail sales.
The company's North American retail sales for Powersports Products increased by 41% Y/Y.
Gross profit jumped 15.7% Y/Y, with margins expanding 40 basis points as the supply chain gradually stabilizes, resulting in favorable pricing and production efficiencies.
"Our reputation for innovation, the breadth of our portfolio, and a strong dealer network are key advantages for us in the industry, paving the way for continued success going forward," said José Boisjoli, President and CEO of BRP.
Outlook: BRP increased full year-end guidance for normalized EPS to C$12.35-C$12.85 (Prior view: C$12.25-C$12.75).
Total company revenues are expected to be up 7%-10% (previously up 9%-12%)
Price Action: DOOO shares are trading lower by 0.68% at $74.32 on Thursday.
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