Polaris Slashes Annual Outlook As Q3 Sales Slump And Margins Squeeze; Stock Dips

Polaris Inc. (NYSE:PII) shares are trading lower on Tuesday after the company reported third-quarter results.

Quarterly adjusted earnings per share totaled 73 cents, missing the analyst consensus estimate of 88 cents.

Quarterly sales of $1.72 billion, which fell 23% year-over-year, missed the street view of $1.77 billion. Adjusted gross profit margin fell 184 basis points year over year to 20.8%.

Primary factors affecting third-quarter sales were lower volume, product mix, and net pricing driven by elevated promotional activity.

Adjusted EBITDA margin in the quarter under review contracted 333 basis points ...