BRP Inc. (NASDAQ:DOOO) Q3 2023 Earnings Conference Call November 30, 2022 9:00 AM ET

Company Participants

Philippe Deschênes - Investor Relations

José Boisjoli - President and Chief Executive Officer

Sébastien Martel - Chief Financial Officer

Conference Call Participants

Joe Altobello - Raymond James

Robin Farley - UBS

Joe Spak - RBC Capital Markets

Martin Landry - Stifel

Fred Wightman - Wolfe Research

Benoit Poirier - Desjardins

Xian Siew - BNP Paribas

Mark Petrie - CIBC

Cameron Doerksen - National Bank Financial

Derek Dley - Canaccord

Gerrick Johnson - BMO Capital Markets

Jamie Katz - Morningstar

Brian Morrison - TD Securities

Operator

Good morning ladies and gentlemen and welcome to the BRP Inc.'s FY '23 Third Quarter Results Conference Call. For participants who use the phone lines, it is recommended to turn off the sound on your device.

And I would like to turn the meeting over to Mr. Philippe Deschênes. Please go ahead, Mr. Deschênes.

Philippe Deschênes

Thank you, Julie. Good morning and welcome to BRP’s conference call for the third quarter of fiscal year 2023. Joining me this morning are José Boisjoli, President and Chief Executive Officer, and Sébastien Martel, Chief Financial Officer.

Before we move to the prepared remarks, I would like to remind everyone that certain forward-looking statements will be made during the call and that actual results could differ from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you consult BRP’s MD&A for a complete list of these.

Also during the call, reference will be made to supporting slides, and you can find the presentation on our website at brp.com under the Investor Relations section.

So with that, I’ll turn the call over to José.

José Boisjoli

Thank you, Philippe. Good morning everyone and thank you for joining us. Our teams once again demonstrated incredible agility and resilience as we navigated through the unprecedented challenge of a cyber-attack which forced us to temporarily suspend operations early in the quarter and yet managed to deliver our strongest quarterly result ever.

Driven by a strong product portfolio and our team ability to navigate the tight supply chain environment we continued to outperform the industry and delivered solid retail growth and market share gains. With this excellent performance, our financial results came in well ahead of expectations.

Taking into consideration these exceptional results and in light of the cleaner visibility we have on customers demand and on the supply chain environment for the rest of the year, we are increasing our normalized EPS guidance for the year to a range of $11.65 to $12 per share representing a year-over-year increase of 17% to 21%.