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Mar 31, 2021
Polaris Q1 2021 Earnings Report
Polaris' first quarter results were released, revealing a significant increase in sales and earnings, driven by strong retail demand and industry tailwinds.
Key Takeaways
Polaris Inc. reported a strong first quarter in 2021, with sales up 39% to $1,951 million. Net income was $134 million, or $2.11 per diluted share, compared to a net loss in the same quarter last year. The company benefited from strong retail demand and increased its full-year sales and earnings guidance.
Reported and adjusted sales increased by 39% reaching $1,951 million.
Reported net income was $2.11 per share, and adjusted net income was $2.30 per share.
Gross profit margin increased by 378 basis points due to lower promotional costs.
North American retail sales surged by 70%, driven by broad-based strength across all business segments.
Revenue by Segment
Forward Guidance
Polaris is increasing its full year sales and earnings guidance, expecting adjusted net income to be in the range of $9.00 to $9.25 per diluted share, with sales up 18% to 21%.
Positive Outlook
- Continued strong retail demand is expected.
- Full year 2021 sales are now expected to be up 18% to 21% over the prior year.
- Adjusted net income is expected to be in the range of $9.00 to $9.25 per diluted share.
- Strong performance in the first quarter of 2021.
- Overall positive outlook for the full year 2021.
Challenges Ahead
- Supply chain transformation costs.
- Restructuring and network realignment costs.
- Class action litigation-related expenses.
- Unpredictable acquisition integration costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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