Polaris Industries Inc · Q3 2023 earnings

Briefing

Polaris's third quarter results were slightly lower than expectations due to elevated manufacturing costs and a cautious consumer environment.

Polaris Inc. reported a four percent decrease in worldwide sales, totaling $2,249 million for the third quarter of 2023, compared to the same period in 2022. Reported diluted earnings per share (EPS) decreased by 17 percent to $2.62, while adjusted EPS also decreased by 17 percent to $2.71. Despite the sales decline, North American retail sales increased by five percent, and the company gained market share across all business segments.

• Third quarter sales were $2,249 million, down four percent compared to last year.
• Third quarter reported diluted earnings per share from continuing operations was $2.62, down 17 percent versus last year; adjusted diluted earnings per share from continuing operations was $2.71, down 17 percent versus last year.
• Primary sales drivers were lower ship volumes and higher finance interest.
• Market share gains in Off Road, On Road and Marine segments.

Headline financials

Revenue & EPS history

The Company updated its 2023 sales outlook to up three percent to five percent versus its previous outlook of up three percent to up six percent versus 2022. The Company now expects adjusted diluted EPS from continuing operations attributed to Polaris Inc. common shareholders to be down eight percent to down four percent versus 2022 versus the prior outlook of down two percent to up three percent.