Polaris Beats on Adjusted Profit, Narrows Its 2019 Guidance
TheStreet
Polaris Industries (PII) - Get Report gained after the powersports-vehicle producer reported second-quarter earnings that beat expectations.
Its full-year adjusted earnings-per-share forecast also beat estimates.
Polaris shares were trading at $88.60, up 7.2%.
The Medina, Minn., producer of snowmobiles and other off-road vehicles, as well as motorcycles and boats, reported profit of $88.3 million, down 4.6% from $92.5 million year over year.
Second-quarter adjusted EPS was $1.73 compared with the $1.65 estimate in a survey of analysts by FactSet.
Reported EPS was $1.42 against $1.43 in the year-earlier period.
Sales climbed 18% to $1.78 billion from $1.5 billion. Analysts were looking for $1.77 billion.
Polaris said it increased the lower end of its outlook to include the impact of the Section 301 List 3 tariff-rate increases on Chinese exports to 25% from 10% effective in May, and the benefit of the company's tariff-mitigation actions.
For the year it sees adjusted revenue up 12% to 13%. The prior forecast was between 11% and 13%. It sees full-year adjusted EPS between $6.10 and $6.30. The previous forecast was between $6.05 and $6.30.
The 17-analyst consensus is for an overweight rating and price target of $106.31, according to FactSet.
Polaris has a dividend yield of 3%.