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Exhibit 99.1
CONTACT:
Polaris Industries Inc.
Investor Contact:
Richard
Edwards, 763-513-3477
or
Media Contact:
Jess Rogers,
763-513-3445
Polaris Reports 2018 Third Quarter Results
Q3 2018 Highlights
Reported and adjusted sales for the third quarter of 2018 increased 12% to $1,651 million and $1,653 million, respectively
Reported net income was $1.50 per diluted share, up 17% over the prior year; adjusted net income for the same period was $1.86 per diluted share, up 22% over the prior year
North American retail sales increased 1% for the quarter compared to a strong 13% increase last year; ORV N.A. retail sales were up low single-digits driven by side-by-side vehicles
Dealer inventory was up 6% year-over-year for the third quarter 2018, in line with expectations
Polaris maintaining full year 2018 adjusted sales and earnings guidance with full year adjusted sales in the range of 11% to 12% over the prior year and full year adjusted earnings in the range of $6.48 to $6.58 per diluted share which includes the absorption of an estimated $40 million of tariff cost increases anticipated in 2018 before counter-measures.
MINNEAPOLIS--(BUSINESS WIRE)--October 22, 2018--Polaris Industries Inc. (NYSE: PII):
(Downloadable PDF of this press release)
Key Financial Data |
||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
INCOME STATEMENT - Q3 September 30, 2018 | Reported | YOY % Chg. | Adjusted* | YOY % Chg. | ||||||||||||
Sales | $ | 1,651,415 | 12% | $ | 1,653,130 | 12% | ||||||||||
Net income | $ | 95,529 | 17% | $ | 117,926 | 21% | ||||||||||
Diluted EPS | $ | 1.50 | 17% | $ | 1.86 | 22% | ||||||||||
BALANCE SHEET - Q3 September 30, 2018 | Reported | YOY % Chg. | ||||||||||||||
Cash and cash equivalents | $ | 183,411 | 39% | |||||||||||||
Inventories, net | $ | 1,019,517 | 21% | |||||||||||||
Total debt, capital lease obligations and notes payable | $ | 1,864,327 | 103% | |||||||||||||
Shareholders' equity | $ | 898,252 | — | |||||||||||||
CASH FLOW - YTD September 30, 2018 | Reported | YOY % Chg. | ||||||||||||||
Net cash provided by operating activities | $ | 354,138 | (29)% | |||||||||||||
Purchase of property & equipment | $ | 157,763 | 25% | |||||||||||||
Repurchase and retirement of common shares | $ | 246,931 | 178% | |||||||||||||
Cash dividends to shareholders | $ | 112,748 | 4% | |||||||||||||
Acquisition of businesses | $ | 729,925 | NM | |||||||||||||
NM = Not meaningful | ||||||||||||||||
Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word “adjusted” preceding the measure. *A reconciliation of GAAP / non-GAAP measures can be found at the end of this release. | ||||||||||||||||
CEO Commentary
“The dedication and strong execution of our Polaris team continued to drive broad based growth across the business in the third quarter. Our model year '19 product news was well received and our improving manufacturing and logistics performance accelerated the successful roll-out of RFM for side-by-sides. International growth again outpaced North America, with Indian market share gains continuing in every market we serve. We were also pleased with the early performance of Boat Holdings, the largest manufacturer of pontoon boats in the U.S. that we welcomed to our growing Powersports portfolio earlier in the quarter. Our commitment to customers and investments in the U.S. remain strong, as we broke ground on a new multi-product PG&A and aftermarket distribution center in Nevada. We are strategically and tactically committed to being a customer-centric, highly efficient growth company, and our investments demonstrate that commitment. Our goals do not eliminate or even diminish the serious challenges we face from tariffs, but they certainly increase our resolve to find acceptable solutions or offsets. We are making too much progress with our supply chain, safety and quality and innovation initiatives to have the benefits wiped out by protracted trade negotiations. The challenge is real, and so are our efforts to overcome them. We remain well-positioned with a world-class team and product line-up and are confident in our ability to deliver strong financial and operational performance in the quarter and years ahead.”
-- Scott Wine, Chairman and Chief Executive Officer of Polaris Industries Inc.
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Polaris Industries Incmn.
Polaris Industries Incmn's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Quarter sales, including PG&A, were flat compared to the prior year, while year-to-date sales were down three percent compared to the prior year due to a weak motorcycle industry.
The increase for the quarter and year-to-date in income from financial services is due to improved retail financing penetration rates and higher income from Polaris Acceptance due to slightly higher dealer inventory levels.
Equity in loss of other affiliates: As a result of the decision by the Eicher-Polaris Private Limited EPPL Board of Directors to shut down the operations of the EPPL joint venture, we impaired our investment in EPPL and incurred additional wind-down related costs in 2018.
Based on our current outlook for commodity prices, the total impact of commodities is expected to have a negative impact on our gross profit margins for 2018 when compared to 2017.
The increase in gross profit dollars during the quarter was primarily driven by increased sales, primarily related to the Boat Holdings acquisition.
At September 30, 2018, the...Read more
TAP sales in the third...Read more
Substantially all costs related to...Read more
Quarter and year-to-date sales, including...Read more
We have agreed to repurchase...Read more
Gross profit, as a percentage...Read more
The sales increase was driven...Read more
We generally buy these commodities...Read more
Gross profit margins for both...Read more
Our Board of Directors has...Read more
Increase in cash, cash equivalents...Read more
The volume increase is primarily...Read more
We expect currencies to have...Read more
We have authorization from our...Read more
Our sales to customers outside...Read more
We are subject to market...Read more
Weighted average shares outstanding: Over...Read more
Quarter and year-to-date sales increased...Read more
Certain assets and liabilities related...Read more
Common stock repurchases were $246.9...Read more
Our unit retail sales to...Read more
Our third quarter sales to...Read more
The original discounted payable was...Read more
The original mortgage note payable...Read more
We repurchased approximately 2.1 million...Read more
Interest expense: Quarter and year-to-date...Read more
Our North American ORV quarter...Read more
Operating expenses, in absolute dollars,...Read more
While such materials are typically...Read more
Quarter and year-to-date sales, which...Read more
Quarter and year-to-date sales in...Read more
The partnership agreement is effective...Read more
Motorcycle industry retail sales, 900cc...Read more
The growth was primarily driven...Read more
Third quarter sales totaled $1,651.4...Read more
Quarter sales were $1,651.4 million,...Read more
Slingshot retail sales were down...Read more
Debt, capital lease obligations, notes...Read more
We believe that existing cash...Read more
Segment gross profit, which relates...Read more
We estimate the total pre-tax...Read more
Our gross profit of $401.3...Read more
The year-to-date change also includes...Read more
Quarter and year-to-date sales in...Read more
Wells Fargo , which...Read more
Year-to-date 2018 gross profit was...Read more
Operating expenses, as a percentage...Read more
Polaris Acceptance is not responsible...Read more
The Company funded the purchase...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Polaris Industries Incmn provided additional information to their SEC Filing as exhibits
Ticker: PII
CIK: 931015
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-012862
Submitted to the SEC: Wed Oct 24 2018 4:48:56 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Miscellaneous Transportation Equipment