Why Are Polaris Shares Trading Lower Today

  • Polaris Inc PII reported first-quarter FY22 sales of $1.96 billion, missing the consensus of $2.12 billion. Sales for the quarter remained relatively flat to last year, impacted by continued supply chain pressures.
  • Sales from Off-Road Vehicles rose 2%, Marine climbed 6%, and On-Road segment fell 4%.
  • Adjusted EPS of $1.29 missed the consensus of $1.78.
  • Gross profit for the quarter fell 17.5% Y/Y to $396.3 million and the margin contracted by 438 basis points to 20.3%.
  • Operating margin contracted 460 basis points to 4.8%, and operating income for the quarter decreased 48.5% to $94.8 million.
  • Adjusted EBITDA declined 34% Y/Y to $164.5 million.
  • The company held $375.4 million in cash and equivalents as of March 31, 2022.
  • Outlook: Polaris continues to expect FY22 sales of $9.215 billion - $9.455 billion, against the consensus of $9.33 billion.
  • The company expects FY22 adjusted EPS of $10.10 - $10.40 versus the consensus of $10.24.
  • Price Action: PII shares are trading lower by 8.53% at $97.67 on the last check Tuesday.

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