Polaris Industries Q4 Profit Soars, Tops Estimates; Initiates FY23 Outlook
(RTTNews) - While reporting financial results for the fourth quarter and fiscal 2022 on Tuesday, automotive manufacturer Polaris Industries Inc. (PII) initiated adjusted earnings and sales growth guidance for the full-year 2023.
For fiscal 2023, the company now projects adjusted earnings from continuing operations attributed to Polaris Inc. common shareholders to be between down 3 percent and up 3 percent from last year. Sales are also expected to be flat to up 5 percent from last year.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $9.97 per share on a sales decline of 2.4 percent to $8.41 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company reported net income attributable to Polaris of $195.5 million or $3.34 per share, sharply up from $86.8 million or $1.40 per share in the prior-year quarter.
Net income from continuing operations surged to $3.36 per share from $1.40 per share last year. Excluding items, adjusted net income for the quarter was $3.46 per share, compared to $2.20 per share in the year-ago quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $3.27 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter increased to $2.40 billion from $1.99 billion in the same quarter last year. Analysts expected revenue of $2.41 billion, for the quarter.
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