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.

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