20.10.2015 16:12:15
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Polaris Gearing For Q3...
(RTTNews) - Polaris Industries Inc. (PII) would report its third-quarter results before the market open on Wednesday, October 21, with analysts looking for earnings of $2.28 per share on revenue of $1.43 billion.
The company has been aggressively introducing innovative, new product solutions for every segment of off-road riding. The company also noted that Model Year 2016 brings several new products and more enhancements to the most-complete, off-road vehicle offering on the market.
In the last quarter, motorcycle demand, notably including Slingshot, remained exceptionally high. However, earnings were dampened by significant cost pressures, and delayed shipments, related to continued difficulties with the company's new motorcycle paint system in Spirit Lake, Iowa.
Q2 Performance
Polaris reported second-quarter net income of $100.9 million, an increase of 4% from $96.9 million, prior year. Earnings per share were a record $1.49 compared to $1.42 per share earned a year ago.
Second quarter results included additional manufacturing costs and inefficiencies approximating $9.0 million, as the company worked to scale-up production and add capacity to the paint system at the motorcycle facility in Spirit Lake, Iowa.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings per share of $1.58 for the quarter. Analysts' estimates typically exclude special items.
Sales totaled a record $1.12 billion, an increase of 11% over last year's sales of $1.01 billion, while analysts expected $1.16 billion in sales for the quarter.
FY15 Outlook
For the full year 2015, Polaris narrowed its earnings guidance range to $7.32 - $7.42 per share, an increase of 10% - 12% over full year 2014 earnings of $6.65 per share. Analysts currently expect the company to report 2015 earnings of $7.40 per share versus their prior estimate of $7.43 per share.
Full year 2015 sales are now expected to grow in the range of 10% - 12% when compared to 2014, narrowed slightly from previously issued sales guidance. Analysts now estimate full-year 2015 sales growth of 11.40%.
Recent Happenings
Most recently, Polaris purchased the facility and paint equipment occupied by Lehman Trikes, prior to Lehman's move to California. Production is planned to begin in the fourth quarter of 2015.
Earlier this month, Polaris introduced another new model to the Polaris RANGER model lineup. Retailing at $11,799, the RANGER CREW 570-6 joins the industry's No.1 selling utility vehicles (UTV) line for the value-minded consumer looking for a multi-passenger CREW option at a great price.
Also, the company unveiled two new Polaris RZR vehicles that fuel the RZR lifestyle and allow people to share the off-road experience with family and friends. The new RZR XP 4 Turbo EPS and RZR XP 4 1000 EPS High Lifter Edition offer extreme performance for the desert, trail, mud and dunes.
October 5, Polaris, in cooperation with the U.S. Consumer Product Safety Commission and Transport Canada, issued a voluntary recall on model year 2015 Polaris RZR 900 and 1000 vehicles due to reports of pinched fuel tank vent lines.
The recall was related to the vehicle's fuel tank vent line potentially being incorrectly installed during manufacturing, causing it to become pinched, which may cause the fuel tank to pressurize and leak fuel, posing a potential fire hazard.
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