) slipped following the release of better-than-expected first-quarter 2024 financial results after the bell on Wednesday.
“Descartes delivered a strong start to F2024, with Q1 results featuring a continuation of recent trends that has seen the company benefiting from multiple macro factors driving an increase in logistics and supply chain complexity/uncertainty, and in turn, demand for its solutions which appears to show no notable signs of slowdown,” said Scotia Capital’s Kevin Krishnaratne. “Our target moves higher to US$86 on slightly increased forecast revisions, with our valuation continuing to reflect 25.
The Ski-Doo and Sea-Doo maker says the profit amounted to $1.92 per diluted share for the quarter ended April 30, up from $1.46 per diluted share a year earlier.BRP says its normalized earnings amounted to a profit of $2.38 per diluted share, up from a normalized profit of $1.66 per diluted share a year ago.
In a research note, Stifel analyst Martin Landry said: “BRP reported Q1FY24 EPS of $2.38, up 43 per cent year-over-year, in-line with our expectations and better than consensus estimates of $2.32. BRP reiterated its FY24 guidance, which calls for EPS to range between $12.25 to $12.75, up 2-6 per cent year-over-year.