Polaris Q2 2024: sales $1.96B (-12%), EPS $1.21 (-48%), FY guidance cut sharply

Polaris Inc.

2024-Q2 EPS reported $1.27 revenue$3,697,600,000

Q2 reported sales $1,961M (-12% YoY); reported diluted EPS $1.21 (-48%); adjusted EPS $1.38 (-43%).
Off-Road segment sales -6%, On-Road -19%, Marine -40%; gross margins fell across all segments.
ORV retail -4%, motorcycle retail down low-twenties %; market share flat for ORV and pontoons.
FY2024 guidance lowered: sales now down 17-20% (prev -5 to -7%), adj. EPS down 56-62% (prev -10 to -15%).
CEO cites elevated rates, inflation, cautious dealers; reducing dealer inventory and cutting production.

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