Polaris Q3 Profit Declines, Updates FY23 Outlook; Stock Plunges

(RTTNews) - Polaris Inc. (PII) said, as reported, third quarter net income from continuing operations attributable to company was $152 million, decreased 20 percent from last year. Earnings per share from continuing operations was $2.62, decreased 17 percent. Adjusted net income from continuing operations attributable to Polaris was $157 million, down 20 percent, and adjusted EPS was $2.71, down 17 percent. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $2.69, for the quarter. Analysts' estimates typically exclude special items.

Third quarter sales were $2.25 billion, down four percent compared to last year. Primary sales drivers were lower ship volumes and higher finance interest. Analysts on average had estimated $2.25 billion in revenue.

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 shareholders to be down eight percent to down four percent versus 2022 versus the prior outlook of down two percent to up three percent.

Shares of Polaris are down 4% in pre-market trade on Tuesday.

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