Polaris Reports 2020 Second Quarter Results

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Q2 2020 Highlights

Second quarter reported and adjusted sales decreased 15% to $1,512 million and $1,510 million, respectively

Second quarter reported net losswas $3.82 per share; adjusted net income for the same period was $1.30 per share

North American retail salesincreased 57% for the quarter compared to last year with both ORV and Motorcycle retail sales up significantly

Dealer inventory levels decreased 47% given the strong retail sales growth and lower shipments resulting from the COVID-19 related temporary suspension of production during the quarter

Evaluation of the Company's Aftermarket goodwill and other intangibles resulted in a pre-tax $379 million non-cash impairment charge taken during the quarter

Operating expenses excluding the impairment charge, decreased 15% given the substantial reduction in discretionary and non-essential spending in response to the pandemic crisis

Polaris' liquidity profile remains solid with debt/EBITDA below 3 times and total liquidity of $1.2 billion at quarter end

Polaris re-initiated full year 2020 sales and adjusted earnings guidance with full year adjusted earnings in the range of $6.40 to $6.60 per diluted share and full year sales in the range of $6.650 billion to $6.750 billion

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Polaris Industries Inc. published this content on 28 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2020 14:05:08 UTC