Polaris Clocks 22% Topline Growth In Q1, Earnings Beat Street View

  • Polaris Inc PII reported first-quarter FY23 sales growth of 22% year-on-year to $2.18 billion, beating the consensus of $1.96 billion.
  • North America sales of $1.842 billion represented 85% of total sales and grew 24% Y/Y.
  • Sales from Off-Road Vehicles / Snowmobiles rose 19%, On Road segment jumped 42%, and Marine climbed 25%.
  • Adjusted EPS of $2.05 beat the analyst consensus of $1.72.
  • Gross profit for the quarter increased 32.9% Y/Y to $469.2 million, and the margin expanded by 172 basis points to 21.5%.
  • The operating margin expanded 180 basis points to 7.4%, and operating income for the quarter increased 60.8% to $161.1 million.
  • The company held $322.9 million in cash and equivalents as of March 31, 2023. The company's net cash provided by operating activities for Q1 totaled $124.2 million.
  • Adjusted EBITDA margin for the quarter expanded 172 basis points to 10.9%.
  • Outlook: Polaris continues to expect FY23 sales to be flat to up 5% and adjusted EPS to be -3% - +3%.
  • Price Action: PII shares traded lower by 3.26% at $105.84 on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsGuidanceMarketsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!