Polaris Down As Earnings Drop, Miss Street View

Shares of power sports vehicles maker Polaris Inc. (PII) are falling more than 7% Tuesday morning following first-quarter results, that missed the Street view.

Net income in the first quarter decreased to $69.9 million or 1.14 per share from $134.1 million or $2.11 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.29 per share, that missed the consensus estimate of analysts polled by Thomson Reuters of $1.78 per share.

First quarter sales were $1.957 billion, flat compared to $1.951 billion last year, due to supply chain challenges. The consensus estimate stood at $2.11 billion.

Looking forward, Polaris expects full-year adjusted EPS to be in the range of $10.10-$10.40 and revenue in the range of $9.215 billion-$9.455 billion. Analysts see earnings of $10.24 per share on revenue of $9.33 billion for the period.

PII touched a new 52-week low of $96.30 this morning, before edging up to trade at $98.84 currently.

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