Polaris Industries says 2nd-quarter profit falls 28 percent
Associated Press MINNEAPOLIS — Polaris Industries Inc., which makes off-road and other leisure vehicles, said Thursday its second-quarter net income fell 28 percent as sales declined for nearly all of its products.
The company said its earnings for the quarter ended June 30 fell to $17.5 million, or 53 cents per share, from $24.4 million, or 72 cents per share, in the same quarter last year.
Revenue fell 24 percent to $345.9 million.
The company reported declines in sales across its business segments as consumers continued to pull back on discretionary spending. Off-road vehicle sales, its largest division, fell 25 percent. Motorcycle sales fell 55 percent.
One bright spot was snowmobile sales, which rose 23 percent.
Polaris also on Thursday said it was introducing a new electric vehicle in its on-road vehicle segment, the Polaris Breeze. The four-person vehicle is targeting for consumers living in planned communities and will be go on limited sale in September.
The company also narrowed its full-year earnings guidance, saying the outlook for the U.S. economy remains weak.
Shares of Polaris closed Wednesday at $33.62.
The company said its earnings for the quarter ended June 30 fell to $17.5 million, or 53 cents per share, from $24.4 million, or 72 cents per share, in the same quarter last year.
Revenue fell 24 percent to $345.9 million.
The company reported declines in sales across its business segments as consumers continued to pull back on discretionary spending. Off-road vehicle sales, its largest division, fell 25 percent. Motorcycle sales fell 55 percent.
One bright spot was snowmobile sales, which rose 23 percent.
Polaris also on Thursday said it was introducing a new electric vehicle in its on-road vehicle segment, the Polaris Breeze. The four-person vehicle is targeting for consumers living in planned communities and will be go on limited sale in September.
The company also narrowed its full-year earnings guidance, saying the outlook for the U.S. economy remains weak.
Shares of Polaris closed Wednesday at $33.62.
Category: News
