Polaris Inc. (NYSE:PII) reported worse-than-expected second-quarter financial results and cut its guidance on Tuesday.
The company reported adjusted earnings per share of $1.38, missing the analyst consensus of $2.23. Quarterly sales of $1.961 billion missed the street view of $2.180 billion and were down 12% year over year.
"Reducing dealer inventory is a central priority, both through intentional retaildriving efforts and adjusting our production forecasts to further cut back on dealer shipments," said Mike Speetzen, Chief Executive Officer of Polaris.
The company updated its 2024 sales outlook to be down 17% to 20% versus its previous outlook of down five to seven percent versus 2023. The company now expects adjusted diluted EPS attributed to Polaris common shareholders to be down 56% to 62% versus the prior outlook of down 10% to 15%.
Polaris shares fell 4.8% to close at $78.18 on Tuesday.
These analysts made changes to their price targets on Polaris following the announcement.
- BMO Capital analyst Tristan Thomas-Martin maintained Polaris with a Market Perform rating and lowered the price target from $90 to $75.
- B of A Securities analyst Alexander Perry maintained the stock with a Neutral rating and slashed the price target from $86 to $85.
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