- BRP Group Inc (NASDAQ:BRP) reported third-quarter FY23 sales growth of 71% year-on-year to CA$2.71 billion.
- Revenue from year-round products gained 73.8% to CA$1.28 billion, Seasonal products climbed 133.5% to CA$1.02 billion and Powersports PA&A and OEM engines increased 5% to CA$298 million.
- The gross profit for the quarter rose 59.4% Y/Y to CA$654.7 million, and the gross margin contracted 170 basis points to 24.2%.
- Normalized EBITDA jumped 94% Y/Y to CA$488 million.
- EPS was CA$1.76 versus CA$1.53 last year. Normalized EPS was CA$3.64 versus CA$1.48 a year ago.
- “Our strong product line-ups, additional production capacity and proactive approach to navigating supply chain challenges with the support of our suppliers and dealers were key factors in achieving exceptional retail growth of 43% for powersports in North America,” said CEO José Boisjoli.
- Outlook: BRP Group expects FY23 total company revenue growth of 27% – 32% Y/Y (prior view Up 26% – 31%).
- The company expects FY23 normalized EPS of CA$11.65 – CA$12.00 (prior view CA$11.30 – CA$11.65).
- Price Action: DOOO shares closed higher by 1.69% at $71.47 on Tuesday.
Venator To Permanently Close TiO2 Production At Duisburg Site
We are in the process of restarting production for both TiO2 and functional additives in the first quarter of 2023, however we do not believe it is economically viable to continue TiO2 production
