BRP Inc. (DOOO) Reports Q1 EPS of C$2.53

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June 3, 2021 6:22 AM EDT

BRP Inc. (NASDAQ: DOOO) reported Q1 EPS of Cdn$2.53, versus Cdn$0.26 reported last year. Revenue for the quarter came in at Cdn$1.81 billion, versus Cdn$1.23 billion reported last year.

FISCAL YEAR 2022 GUIDANCE:

The FY22 guidance has been updated as follows:

Financial Metric

FY21

FY22 Guidance(3) vs FY21

Revenues

vs. Previous Guidance

Year-Round Products

$2,824.2

Up 35% to 40%

Seasonal Products

1,825.0

Up 25% to 30%

(previously up 20% to 25%)

Powersports PA&A and OEM Engines

882.8

Up 17% to 22%

(previously up 10% to 15%)

Marine

420.9

Up 18% to 23%

Total Company Revenues

5,952.9

Up 28% to 33%

(previously up 25% to 30%)

Normalized EBITDA(1)

999.0

Up 27% to 35%

(previously up 22% to 30%)

Effective Tax Rate(1)(2)

25.9%

26.0% to 26.5%

Normalized Earnings per Share – Diluted(1)

$5.39

Up 44% to 58% ($7.75 to $8.50) (previously $7.25 to $8.00)

Net income

362.9

~$695M to $760M

Other assumptions for FY22 Guidance

  • Depreciation Expenses: ~$280M
  • Net Financing Costs Adjusted: ~$70M (previously ~$75M)
  • Weighted average number of shares – diluted: ~87M shares
  • Capital Expenditures: ~$575M to $600M

FY22 OutlookFollowing a solid first quarter, we expect Normalized Earnings per Share - Diluted(1) compared to last year, to generate modest growth in Q2, decline slightly in Q3, and deliver strong growth in Q4, mainly as supply chain constraints are expected to be greater in the second and third quarters.

Our Powersports retail sales in North America are expected to decline in Q2 and Q3, mainly due to low network inventory, the impact of supply chain constraints and the fact that we compare to strong quarters last year. Growth is expected to return in Q4, as we benefit from improved unit deliveries and additional production capacity.

[1] See "Non-IFRS Measures" section of the press release.

[2] Effective tax rate based on Normalized Earnings before Normalized Income Tax.

[3] Please refer to the "Caution Concerning Forward-Looking Statements" and "Key assumptions" sections of this press release for a summary ofimportant risk factors that

For earnings history and earnings-related data on BRP Inc. (DOOO) click here.


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