Tue, Jul 23, 7:01 PM (46 days ago)
Polaris Inc. reported a 12% decline in Q2 2024 sales to $1,961.2 million, mainly due to decreased shipments and higher promotional costs. Gross profit fell 16% to $424.0 million, with margins impacted by lower net pricing and reduced sales volumes. Net income attributable to Polaris decreased 49% to $68.7 million, or $1.21 per diluted share. Adjusted EBITDA was $198.1 million, down 25%. Operating expenses remained flat, but higher general and administrative costs were offset by reduced R&D expenses. Sales declines were observed across all segments: Off Road (-6%), On Road (-19%), and Marine (-40%). The company expects existing cash flows, credit facilities, and potential debt issuances to meet future operational and capital needs.