Polaris rides previous earnings expectations, raises full-year gross sales information (NYSE:PII)

Polaris (NYSE:PII) cruised previous earnings expectations for the third quarter on Tuesday, pushing shares increased in premarket motion.

For the third quarter, $3.25 in earnings per share got here in $0.47 above expectations whereas a virtually 20% soar in income from the prior yr was $140M above the analyst consensus and set a brand new file for the corporate. Moreover, gross margins elevated 26 foundation factors from the prior yr regardless of inflationary impacts. The corporate credited increased volumes, sturdy pricing and easing provide chain pressures for the sturdy efficiency.

“We consider we’re properly positioned to satisfy our commitments for the yr, whereas our workforce stays extremely vigilant and agile ought to indicators level to shifts in client habits or new market dynamics,” CEO Mike Speetzen stated. “Trying ahead, our numerous portfolio, dedication to innovation, sturdy monetary place and monitor file of efficiently navigating in numerous working environments offers me unbelievable confidence in Polaris’ capability to ship long-term worthwhile progress and shareholder worth.”

Transferring ahead, the corporate raised its full-year gross sales information to a variety of 15% to 16%, up from the prior 13% to 16% expectation. A forecast of $10.10 to $10.30 in earnings per share was maintained, which stays above the Wall Avenue consensus of $10.04.

Shares of the Minnesota-based snowmobile producer rose 2.4% in early premarket buying and selling on Tuesday.

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