PII - Polaris rides past earnings expectations

2023-04-25 06:49:19 ET

Polaris ( NYSE: PII ) shares edged higher in premarket action after the powersports manufacturer topped Q1 expectations.

A first quarter report of $2.05 in earnings per share beat the analyst consensus by $0.34 while a 22.3% year over year rise in revenue to $2.18B came in $220M above the consensus. Gross profit margin expanded 170 basis points from the prior year to 21.5%.

“We started the year off strong delivering on our sales, margin and EPS expectations, as well as share gains across the portfolio. In January, we promised 2023 would bring industry-leading vehicle news, and with the recent launch of our fully redesigned RZR XP and production underway of our all-electric RANGER XP Kinetic, we are just getting started on that commitment and believe we will continue this momentum throughout the year,” CEO Mike Speetzen said. “While retail remains mixed, we are seeing good signs within the business as we enter the spring selling season. We remain agile and confident in our ability to execute against our plans, drive profitable growth and bring compelling offerings to dealers and customers in 2023.”

Management projects 2023 sales to be flat to up five percent versus 2022. Adjusted diluted EPS is anticipated to range from down three percent to up three percent versus 2022. The Street consensus for EPS and revenue growth year over year stood at 3.7% and 1.19%, respectively, prior to the print.

Read more on the details of the results .

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