(RTTNews) - (Adds Outlook, stock movement)
Polaris Inc. (PII) has revised down its annual guidance.
Mike Speetzen, CEO of Polaris, commented, The second quarter proved challenging as our industry continued to contend with elevated interest rates, inflation, and an increasingly cautious dealer and consumer. We have lowered our full-year guidance to reflect the decision to cut shipments and our expectations that current industry challenges remain in place for the remainder of the year."
Polaris now expects its adjusted earnings per share to decline 56 percent- 62 percent, versus the prior outlook of down 10 percent to 15 percent. Sales is projected to be down 17 percent to 20 percent, versus its previous outlook of down 5 to 7 percent.
The Street is expecting income per share of $7.5, on revenue of $8.31 billion, for the year.
PII was trading down by 16.91 percent at $68.25 per share in the pre-market trade on the New York Stock Exchange.
Q2 Results:
Polaris revealed a profit for second quarter that decreased from last year and missed the Street estimates.
The company's bottom line totaled $68.7 million, or $1.21 per share. This compares with $134.3 million, or $2.32 per share, in last year's second quarter.
Excluding items, Polaris Inc. reported adjusted earnings of $78.3 million or $1.38 per share for the period.
Analysts on average had expected the company to earn $2.23 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 11.5% to $1.961 billion from $2.216 billion last year.
Polaris Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $68.7 Mln. vs. $134.3 Mln. last year. -EPS (Q2): $1.21 vs. $2.32 last year. -Revenue (Q2): $1.961 Bln vs. $2.216 Bln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
