Polaris Cuts FY24 Outlook After Q3 Earnings Miss Street; Stock Down In Pre-market

(RTTNews) - Shares of Polaris Inc. (PII) were losing around 4 percent in the pre-market activity on the NYSE after the powersports vehicles maker on Tuesday lowered its fiscal 2024 adjusted earnings and sales outlook after reporting weak third-quarter results.

Polaris now expects its adjusted earnings per share to decline around 65 percent, compared to the prior outlook of down 56 to 62 percent.

Sales is now projected to be down around 20 percent relative to 2023, compared to previous outlook of down 17 to 20 percent.

In its third quarter, Polaris announced a profit that decreased from the same period last year and missed the Street estimates.

The company's Net income attributable came in at $27.7 million, down 82 percent from last year's $151.7 million. Earnings per share dropped 81 percent to $0.49 from $2.62 a year ago.

Adjusted net earnings were $41.2 million or $0.73 per share for the period.

Analysts on average had expected the company to earn $0.88 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's sales for the quarter fell 23.4 percent to $1.722 billion from $2.248 billion last year. Primary factors affecting third quarter sales were lower volume, product mix, and net pricing driven by elevated promotional activity.

North America sales were $1.47 billion, representing 85 percent of total Company sales, down 26 percent from last year.

In pre-market activity on the NYSE, Polaris shares were losing around 4.13 percent to trade at $76.88.

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