Polaris Industries Inc. said Thursday its earnings fell by 56 percent in the first quarter, citing a tough retail environment and a charge related to its investment in Austrian motorcycle maker KTM Power Sports.
Despite the drop in earnings, Polaris’ quarterly results beat analysts’ expectations, sending the company’s stock price up by more than 8 percent in morning trading.
Medina-based Polaris, which makes snowmobiles and ATVs, reported a first-quarter profit of $8.5 million, or 26 cents per share. That’s down from $19.1 million, or 55 cents per share, in the same period last year. Polaris (NYSE: PII) recorded revenue of $312 million, down 20 percent from $389 million in the year-ago period.
Analysts polled by Thomson Reuters had expected revenue of $298.2 million and earnings of 20 cents per share, excluding charges.
Despite the lower first-quarter performance, Polaris maintained its full-year guidance. The company expects its 2009 profit to range between $2.50 to $3 per share and revenue to decline between 15 and 24 percent compared to 2008.
Polaris today announced the declaration of a regular quarterly $0.39 per share cash dividend payable on May 15, 2009 to shareholders of record at the close of business on May 1, 2009.Polaris’ stock was trading at about $29.16 per share in mid-afternoon trading, up $2.15. Has been on a tear this month up 45.51% and 34.56% for the 1st quarter of this year.
Disclosure I do not own PII.
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