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MINNEAPOLIS, MN – July 26, 2022 – (Motor Sports NewsWire) – Polaris Inc. (NYSE: PII):
|
KEY FINANCIAL DATA |
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|
(in millions, except per share data) |
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|
Quarter ending June 30, 2022 |
Reported |
YOY % Chg. |
Adjusted* |
YOY % Chg. |
||||||||||
|
Sales |
$ |
2,062.8 |
8 |
% |
$ |
2,062.8 |
8 |
% |
||||||
|
Gross profit margin |
23.0 |
% |
– 303 bps |
23.0 |
% |
– 312 bps |
||||||||
|
Total operating expenses |
$ |
291.5 |
(3 |
)% |
||||||||||
|
Net income from continuing operations attributable to Polaris |
$ |
141.8 |
(9 |
)% |
$ |
146.6 |
(11 |
)% |
||||||
|
Adjusted EBITDA Margin |
12.4 |
% |
– 182 bps |
|||||||||||
|
Diluted EPS from continuing operations attributable to Polaris |
$ |
2.34 |
(5 |
)% |
$ |
2.42 |
(7 |
)% |
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|
*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word “adjusted” preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release. |
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CEO COMMENTARY
Our results during the second quarter reflect our team’s commitment to our customers through industry-leading innovation and exceptional execution, despite the ongoing supply chain constraints impacting the global economy. While we are closely watching a number of demand indicators to understand the resilience of the consumer in this environment, we continue to see a healthy consumer and stable demand. In the quarter, some easing of logistics complexities, commodity costs, and certain supply chain bottlenecks helped to support sequential margin improvement and increased shipment volume. While this trend is expected to continue in the back half of the year, we remain diligent and prepared to respond if headwinds materialize. Our focused strategy of being the leading player in powersports, coupled with the significant opportunity to get back to optimal dealer inventory levels, gives us confidence in our ability to drive continued performance for Polaris and value creation for our shareholders.
— Mike Speetzen, Chief Executive Officer of Polaris Inc.
PERFORMANCE SUMMARY (Reported)
Polaris Inc. (NYSE: PII) (the “Company”) today released second quarter 2022 results, which ended June 30, 2022. The Company reported worldwide sales of $2,063 million, up eight percent versus the second quarter of 2021. North America sales of $1,748 million…
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