Polaris 3Q Sales Tumble; Lowers 2024 Outlook

Dow Jones10-22

By Denny Jacob

Polaris posted a steep decline in quarterly sales as consumers pulled back on purchasing ATVs and other products in its lineup despite a higher number of promotions.

The Medina, Minn.-based powersports-vehicle maker logged net income of $27.7 million, or 49 cents a share, for the third quarter ended Sept. 30, down from $151.7 million, or $2.62 a share, a year earlier. Adjusted earnings were 73 cents a share, below the 88 cents a share expected by analysts polled by FactSet.

Sales came in at $1.72 billion compared with $2.25 billion a year earlier. Analysts polled by FactSet expected $1.77 billion.

Polaris attributed the decline in sales to lower volume, product mix and pricing affected by an increase in promotions.

Polaris now expects sales in 2024 to be down about 20% from a year earlier. It previously forecast sales to be down in the range of 17% to 20%. The company also expects adjusted earnings per share to decline about 65% on year. It previously expected a decline in the range of 56% to 62%.

"As consumer confidence and retail demand remain challenging, we have maintained our focus on managing dealer inventory and delivering better operational efficiency," said Chief Executive Mike Speetzen. "We expect a challenging retail environment throughout the rest of 2024 and into next year."

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

October 22, 2024 06:24 ET (10:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2477389803?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-10-22 18:24","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2477389803","market":"hk","top_or_hot":-1,"title":"Polaris 3Q Sales Tumble; Lowers 2024 Outlook","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Denny Jacob \n</p>\n<pre>\n \n</pre>\n<p>\n  Polaris posted a steep decline in quarterly sales as consumers pulled back on purchasing ATVs and other products in its lineup despite a higher number of promotions. \n</p>\n<p>\n  The Medina, Minn.-based powersports-vehicle maker logged net income of $27.7 million, or 49 cents a share, for the third quarter ended Sept. 30, down from $151.7 million, or $2.62 a share, a year earlier. Adjusted earnings were 73 cents a share, below the 88 cents a share expected by analysts polled by FactSet. \n</p>\n<p>\n  Sales came in at $1.72 billion compared with $2.25 billion a year earlier. Analysts polled by FactSet expected $1.77 billion. \n</p>\n<p>\n  Polaris attributed the decline in sales to lower volume, product mix and pricing affected by an increase in promotions. \n</p>\n<p>\n  Polaris now expects sales in 2024 to be down about 20% from a year earlier. It previously forecast sales to be down in the range of 17% to 20%. The company also expects adjusted earnings per share to decline about 65% on year. It previously expected a decline in the range of 56% to 62%. \n</p>\n<p>\n  \"As consumer confidence and retail demand remain challenging, we have maintained our focus on managing dealer inventory and delivering better operational efficiency,\" said Chief Executive Mike Speetzen. \"We expect a challenging retail environment throughout the rest of 2024 and into next year.\" \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Denny Jacob at denny.jacob@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 22, 2024 06:24 ET (10:24 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Polaris 3Q Sales Tumble; Lowers 2024 Outlook</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPolaris 3Q Sales Tumble; Lowers 2024 Outlook\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-22 18:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Denny Jacob \n\n\n \n\n\n  Polaris posted a steep decline in quarterly sales as consumers pulled back on purchasing ATVs and other products in its lineup despite a higher number of promotions. \n\n\n  The ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"5BI.SI","symbol_name":"POLARIS公司","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2477389803","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477389803","pubTimestamp":1729592640,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Polaris posted a steep decline in quarterly sales as consumers pulled back on purchasing ATVs and other products in its lineup despite a higher number of promotions.The Medina, Minn.-based powersports-vehicle maker logged net income of $27.7 million, or 49 cents a share, for the third quarter ended Sept. 30, down from $151.7 million, or $2.62 a share, a year earlier. Adjusted earnings were 73 cents a share, below the 88 cents a share expected by analysts polled by FactSet.Sales came in at $1.72 billion compared with $2.25 billion a year earlier. Analysts polled by FactSet expected $1.77 billion.Polaris attributed the decline in sales to lower volume, product mix and pricing affected by an increase in promotions.Polaris now expects sales in 2024 to be down about 20% from a year earlier. It previously forecast sales to be down in the range of 17% to 20%. The company also expects adjusted earnings per share to decline about 65% on year. It previously expected a decline in the range of 56%","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"5BI.SI":"POLARIS公司","PII":"北极星"},"translate_title":"北极星第三季度销售额下滑；降低2024年展望","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"5BI.SI":1,"PII":1},"content_text":"By Denny Jacob \n\n\n \n\n\n  Polaris posted a steep decline in quarterly sales as consumers pulled back on purchasing ATVs and other products in its lineup despite a higher number of promotions. \n\n\n  The Medina, Minn.-based powersports-vehicle maker logged net income of $27.7 million, or 49 cents a share, for the third quarter ended Sept. 30, down from $151.7 million, or $2.62 a share, a year earlier. Adjusted earnings were 73 cents a share, below the 88 cents a share expected by analysts polled by FactSet. \n\n\n  Sales came in at $1.72 billion compared with $2.25 billion a year earlier. Analysts polled by FactSet expected $1.77 billion. \n\n\n  Polaris attributed the decline in sales to lower volume, product mix and pricing affected by an increase in promotions. \n\n\n  Polaris now expects sales in 2024 to be down about 20% from a year earlier. It previously forecast sales to be down in the range of 17% to 20%. The company also expects adjusted earnings per share to decline about 65% on year. It previously expected a decline in the range of 56% to 62%. \n\n\n  \"As consumer confidence and retail demand remain challenging, we have maintained our focus on managing dealer inventory and delivering better operational efficiency,\" said Chief Executive Mike Speetzen. \"We expect a challenging retail environment throughout the rest of 2024 and into next year.\" \n\n\n \n\n\n  Write to Denny Jacob at denny.jacob@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 22, 2024 06:24 ET (10:24 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477389803"}