10:25 AM EDT, 03/28/2024 (MT Newswires) -- BRP Inc. ( DOOO ) on Thursday reported fiscal fourth-quarter normalized net income of $188 million, or $2.46 per diluted share, down from $309.2 million, or $3.85 per diluted share, a year earlier.

Analysts polled by Capital IQ expected $2.61.

Revenue for the quarter ended Jan. 31, 2024, was $2.69 billion, down from $3.08 billion a year earlier. Analysts surveyed by Capital IQ expected $2.80 billion.

Normalized EBITDA for fiscal Q4 was $404.5 million, down from $528 million a year earlier.

For fiscal 2024, the company is expecting normalized earnings of $11.11 per diluted share and $7.25 to $8.25 for fiscal year 2025.

Analysts surveyed by Capital IQ are expecting $11.26 for fiscal 2024 and $9.29 for fiscal 2025.

Revenue for fiscal year 2024 is expected to be $10.37 billion and $9.1 billion to $9.5 billion for fiscal year 2025. Analysts surveyed by Capital IQ are expecting $10.47 billion for fiscal 2024 and $10.04 billion for fiscal 2025.

Normalized EBITDA for fiscal year 2024 is expected to be $1.70 billion and $1.37 billion to $1.47 billion for fiscal year 2025.

For the fiscal first quarter of 2025, the company is expecting normalized EBITDA to be down about 35% versus the same three-month period last fiscal year.

The company's board increased the quarterly dividend by 17% to $0.21 per share for holders of its multiple voting shares and subordinate voting shares. The dividend will be paid on April 22 to shareholders of record at the close of business on April 8.

Meanwhile, National Bank said Thursday that BRP's Q4 results were below estimates and the guidance for fiscal year 2025 was also below current expectations.

Q4 revenue of $269 billion was below the NBF estimate of $2.76 billion and the consensus of $2.79 billion. Adjusted EBITDA of $404.5 million was below the NBF estimate of $420 million and the consensus at $422 million.

BRP's adjusted EPS of $2.46 for Q4 was below the NBF estimate of $2.65 and the consensus at $2.60, National Bank noted.

"We maintain our Outperform rating and $105.00 target on BRP shares while we review our model and valuation. With a weaker than expected Q4 and F2025 guidance below current market expectations, we expect BRP shares to be under pressure this morning," the analysts said.

"As such, the current valuation largely already reflects the challenging F2025 outlook, in our view. While investor sentiment around powersports may remain negative in the short-term, we view BRP as a compelling value play for longer-term oriented investors," the analysts added.

The company's stock gained 5.3% on last look on Thursday.

Price: 91.94, Change: +5.61, Percent Change: +6.50