BRP Inc. (NASDAQ:DOOO) Q2 2024 Earnings Conference Call September 7, 2023 9:00 AM ET

Company Participants

José Boisjoli - President, Chief Executive Officer

Sébastien Martel - Chief Financial Officer

Philippe Deschênes - Director, Investor Relations

Conference Call Participants

Mark Petrie - CIBC World Markets

Robin Farley - UBS

James Hardiman - Citi

Xian Siew - BNP Paribas

Fred Wightman - Wolfe Research

Cameron Doerksen - National Bank Financial

Craig Kennison - Baird

Martin Landry - Stifel

Jaime Katz - Morningstar

Joe Altobello - Raymond James

Luke Hannan - Canaccord Genuity

Brian Morrison - TD Securities

Tristan Thomas-Martin - BMO Capital Markets

Michael Kypreos - Desjardins

Jonathan Goldman - Scotiabank

Operator

Good morning ladies and gentlemen, and welcome to the BRP Inc.’s FY24 second quarter results conference call. For participants who use the telephone line, it is recommended to turn off the sound on your device.

I would now 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 second quarter of fiscal year ’24. 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 the actual results could differ from those implied in these statements. Forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to 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.

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

José Boisjoli

Thank you Philippe. Good morning everyone and thank you for joining us.

I am pleased to report that we delivered a very solid quarter driven by continued strength in consumer demand for our line-up and the ongoing support of our dealer network. Solid execution of our plan led to an impressive market share gain and record results for our second quarter. Given this strong performance and our positive outlook for the rest of the year, we are increasing our normalized EPS guidance to a range of $12.35 to $12.85.

Let’s turn to Slide 4 for key financial highlights. Revenue reached $2.8 billion, up 14% from the previous year driven by higher volume and pricing. Normalized EBITDA grew 13% to $473 million and normalized EPS increased 9% to reach $3.21.