- BRP Inc (NASDAQ:DOOO) (TSX:DOO) reported first-quarter FY23 sales flat Y/Y at C$1.81 billion. The company said it experienced continuing supply chain-related disruptions and inefficiencies in an increasingly inflationary environment.
- The gross profit for the quarter fell 16.2% Y/Y to C$454.4 million, and the gross margin contracted 490 basis points to 25.1%.
- Normalized EBITDA decreased 28.2% Y/Y to C$272.1 million.
- EPS was C$1.46 versus C$2.79 last year. Normalized EPS was C$1.66 versus C$2.53 a year ago.
- The company's Board declared a quarterly dividend of C$0.16 per share for holders of its multiple voting shares and subordinate voting shares.
- Outlook: BRP Group continues to expect FY23 total company revenue growth of 24% - 29% Y/Y.
- The company expects FY23 normalized EPS of C$11.00 - C$11.35 (prior view C$10.75 - C$11.10).
- It expects FY23 normalized EBITDA growth of 12% - 15%.
- For Q2, it anticipates Normalized EBITDA to be flat to down on a percentage basis in the low single digit due to supply chain constraints which are expected to continue throughout the year.
- Price Action: DOOO shares closed higher by 2.64% at $79.98 on Thursday.
- Photo Via Company
