NEW YORK (TheStreet) -- Shares of Polaris Industries (PII) - Get Report were declining on heavy trading volume mid-Tuesday afternoon despite reporting 2016 third-quarter earnings and revenue above analysts' expectations. 

Before the market open, the Medina, MN-based maker of off-road vehicles reported earnings of 50 cents per diluted share on revenue of $1.19 billion.

Analysts surveyed by Thomson Reuters were modeling earnings of 46 cents per share on $1.17 billion in sales.

Polaris narrowed its full-year earnings outlook to between $3.40 and $3.60 per share from $3.30 to $3.80 per share. Revenue is expected to decline in the mid- to high-single digit percent range, the company said in a statement.

Analysts surveyed by Thomson Reuters are looking for adjusted earnings of $3.46 per share on $4.35 billion in revenue for 2016.

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About 2.74 million shares of Polaris have been traded so far today, well above the company's average trading volume of roughly 1.34 million shares a day. 

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.

Polaris' strengths such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations are countered by weaknesses including deteriorating net income, poor profit margins and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: PII

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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