BRP Inc.’s (NASDAQ:DOOO) shares rose sharply on Wednesday as the jet-ski manufacturer saw strong sales in Q2 and raised its full-year profit forecast.
The Quebec-based Sea-Doo manufacturer notched C$2.94, a 20% increase from 2021. Meanwhile, adjusted EPS jumped 28.4% year over year to C$2.44B. The positive figures came despite a cyberattack in August that raised concerns on operations.
"We delivered record second quarter results while continuing to advance on our strategic initiatives,” CEO José Boisjoli said. “Our team's agility and resilience and the strength of our portfolio allowed us to continue to deliver robust performance in this unique operating environment.”
Moving forward, he told investors to expect continued strong demand and a normalizing supply chain to promote continued strong performance. Indeed, management raised full-year forecasts as a result of the bullish expectations on both supply and demand dynamics.
"We are in a favorable position to deliver an expected record second half of the year,” Boisjoli said. “Taking these factors into account and a stronger than expected second quarter, we are increasing our full-year guidance with an expected Normalized EPS of C$11.30 to C$11.65.”
The company had previously forecast an EPS range of C$11 to C$11.35. Analysts had expected $C11.22 in earnings per share for the full year.
US listed shares of BRP (DOOO) rose 7.36% shortly after Wednesday’s market open.
Read more on the details of the results.