Polaris Q1 Profit Declines, Misses Estimates; Reaffirms FY22 Outlook

(RTTNews) - Polaris Inc. (PII), an all-terrain vehicle maker, on Tuesday posted a significant decline in its earnings for the first quarter, amidst supply chain challenges and inflationary pressure. Excluding items, the company's earnings missed the Street view.

In addition, for the fiscal 2022, Polaris has reiterated its guidance.

For the three-month to March, Minnesota-headquartered firm reported a net income of $69.9 million or $1.14 per share, compared with $134.1 million or $2.11 per share a year ago.

On adjusted basis, income was $79.2 million or $1.29 per share, compared with $145.5 million or $2.30 per share in the previous year.

Twelve analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $1.78. Analysts' estimates typically exclude one-time items.

Operating income of the firm was also moved down to $94.8 million, from $184.2 million of last year.

The Vehicle maker posted its adjusted EBITDA for the period at $164.5 million as against $251 million, on year-on-year basis.

Owing to persisting supply constraints, sales were relatively flat at $1.956 billion, compared to $1.951 billion last year.

Analysts', on average, had projected the firm to report its sales at $2.11 billion.

Looking ahead, for the full year, the company continues to expect its adjusted EPS to be in the range of $10.10 - $10.40. Analysts', on average, now expect the company to report its adjusted EPS at $10.24.

It also expects its full year sales to be in the range of $9.21 billion - $9.45 billion. Analysts', on average, now expect Polaris to generate its sales for the year at $9.33 billion.