(Adds Outlook)
BRP Inc. (DOO.TO) reported earnings for its second quarter that increased from the same period last year and beat the Street estimates.
The company’s bottom line totaled C$338.7 million, or C$4.26 per share. This compares with C$237.7 million, or C$2.94 per share, in last year’s second quarter.
Excluding items, BRP Inc. reported adjusted earnings of C$255.4 million or C$3.21 per share for the period.
Analysts on average had expected the company to earn C$2.97 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 13.9% to C$2.778 billion from C$2.438 billion last year.
Outlook:
Looking ahead, citing its current robust performance, the Canadian firm has raised its full year 2024 normalized income per share outlook. However, it revised down its revenue growth forecast. For full year, the company now expects normalized income per share of C$12.35 to C$12.85 against its previous outlook of C$12.25 to C$12.75.
Analysts, on average, project the company to register earnings per share of C$12.52, for the year. For 2024, the company now expects to post revenue growth of 7 percent to 10 percent against its previous forecast of 9 percent to 12 percent.
BRP projects its Annual net income to be at around C$1.025 billion to C$1.060 billion.
BRP Inc. Q2 earnings at a glance (GAAP) :
-Earnings (Q2): C$338.7 Mln. vs. C$237.7 Mln. last year.
-EPS (Q2): C$4.26 vs. C$2.94 last year.
-Analyst Estimate: C$2.97
-Revenue (Q2): C$2.778 Bln vs. C$2.438 Bln last year.
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