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FINANCIAL AND OPERATIONAL HIGHLIGHTS
- Third quarter sales were $2,341 million, up 32 percent compared to last year
- Third quarter reported diluted earnings per share from continuing operations was $3.17, up 69 percent versus last year; adjusted diluted earnings per share from continuing operations was $3.25, up 64 percent versus last year
- Primary drivers in the quarter were higher volumes, strong pricing and favorable mix, supported by modest sequential improvement in supply chain
- Retail sales for the quarter were down eight percent versus last year despite strong performance in Motorcycles, primarily driven by continued supply chain challenges and softness in Recreation Off-Road demand
MINNEAPOLIS, MN – October 25, 2022 – (Motor Sports NewsWire) – Polaris Inc. (NYSE: PII):
KEY FINANCIAL DATA
|
(in millions, except per share data) |
||||||||||||||
|
Quarter ending September 30, 2022 |
Reported |
YOY % Chg. |
Adjusted* |
YOY % Chg. |
||||||||||
|
Sales |
$ |
2,340.6 |
32 |
% |
$ |
2,340.6 |
32 |
% |
||||||
|
Gross profit margin |
23.9 |
% |
+ 26 bps |
23.9 |
% |
+ 15 bps |
||||||||
|
Total operating expenses |
$ |
317.0 |
16 |
% |
||||||||||
|
Net income from continuing operations attributable to Polaris |
$ |
190.4 |
63 |
% |
$ |
195.1 |
58 |
% |
||||||
|
Adjusted EBITDA Margin |
13.7 |
% |
+ 153 bps |
|||||||||||
|
Diluted EPS from continuing operations attributable to Polaris |
$ |
3.17 |
69 |
% |
$ |
3.25 |
64 |
% |
||||||
|
*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
We maintained our focus on executing for customers, dealers and shareholders. Our results were bolstered by easing supply chain headwinds that enabled us to increase ship volumes and take advantage of our strong pricing strategy, resulting in record sales in the quarter. We believe we are well positioned to meet our commitments for the year, while our team remains highly vigilant and agile should indicators point to shifts in consumer behavior or new market dynamics. Looking forward, our diverse portfolio, commitment to innovation, strong financial position and track record of successfully navigating in various operating environments gives me…
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