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Polaris Industries Incmn (PII) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Polaris Industries Incmn

CIK: 931015 Ticker: PII

Exhibit 99.1

CONTACT:
Investor Contact: Richard Edwards 763-513-3477 | Media Contact: Jess Rogers 763-513-3445

Polaris Reports 2019 First Quarter Results

Q1 2019 Highlights

Reported and adjusted sales for the first quarter of 2019 increased 15% to $1,496 million

Reported net income was $0.78 per diluted share, down 8% over the prior year; adjusted net income for the same period was $1.08 per diluted share, down 4% over the prior year, ahead of Company expectations

North American retail sales decreased 3% for the quarter compared to last year; ORV N.A. retail sales were down mid-single digits percent and motorcycle sales were down high-single digits percent, both negatively impacted by weather

Gained market share in snowmobiles for the season ending March 2019; maintained market share in Indian motorcycles in a challenging industry environment

Dealer inventory was down 1% year-over-year for the first quarter 2019, in-line with expectations

Polaris increased its full year 2019 earnings guidance and now expects earnings to be in the $6.05 to $6.30 per diluted share, which includes the absorption of $80 to $90 million of additional tariff costs anticipated in 2019 over 2018. Full year 2019 adjusted sales growth guidance remains unchanged at up 11% to 13% over the prior year.

MINNEAPOLIS--(BUSINESS WIRE)--April 23, 2019--Polaris Industries Inc. (NYSE: PII):

 

Key Financial Data

               
(in thousands, except per share data)
INCOME STATEMENT - Q1 March 31, 2019 Reported YOY % Chg. Adjusted* YOY % Chg.
Sales $ 1,495,690 15 % $ 1,495,690 15 %
Net income attributable to Polaris $ 48,378   (13 )% $ 66,897 (9 )%
Diluted EPS $ 0.78   (8 )% $ 1.08 (4 )%
 
BALANCE SHEET - Q1 March 31, 2019 Reported YOY % Chg.
Cash and cash equivalents $ 151,439 (9 )%
Inventories, net $ 1,148,637 24 %
Total debt, finance lease obligations and notes payable $ 2,101,282 104 %
Shareholders' equity $ 879,202 (10 )%
 
CASH FLOW - YTD March 31, 2019 Reported YOY % Chg.
Net cash used for operating activities $ (38,217 ) NM
Purchase of property & equipment $ 70,254 26 %
Repurchase and retirement of common shares $ 6,110 (59 )%
Cash dividends to shareholders $ 37,144 (2 )%
 
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

"Polaris’ 65th anniversary year is off to a solid start, as we delivered sound results and finished the Quarter with strong momentum. The team executed well, providing quality products to our customers while navigating a dynamic trade environment. Retail sales results were somewhat mixed, with greater than 20 percent Snowmobile growth helping to offset modest weather-related declines in ORV, Motorcycles and Boats, although all three of these segments came on strong at the end of March. Our product lineup has never been stronger, our Boat brands fared well during the recent boat shows, dealer inventory levels are well-positioned to support the peak spring retail selling season, and our strategic sourcing program is accelerating savings and value enhancement. We remain steadfastly committed to enhancing our customer-centric culture, which amplifies our investments in innovation and operational prowess, and as we look to the balance of 2019, we are confident about gaining market share as we continue bringing innovative products to our customers and solidifying our position as the leader in Powersports."

-- Scott Wine, Chairman and Chief Executive Officer of Polaris Industries Inc.


The following information was filed by Polaris Industries Incmn (PII) on Tuesday, April 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Polaris Industries Incmn's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity Consolidated Statements Of Equity
Consolidated Statements Of Income
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Unaudited Proforma Information (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities Additional Information (Details)
Derivative Instruments And Hedging Activities Carrying Values Of Derivative Instruments (Detail)
Derivative Instruments And Hedging Activities Open Foreign Currency Contracts (Details)
Derivative Instruments And Hedging Activities Open Interest Rate Swap Contracts (Details)
Financial Services Arrangements
Financial Services Arrangements - Additional Information (Detail)
Financing Agreement
Financing Agreement (Tables)
Financing Agreement - Additional Information (Detail)
Financing Arrangements, Interest Rates And Maturities (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets Additional Information (Detail)
Goodwill And Other Intangible Assets Changes In Carrying Amount Of Goodwill (Detail)
Goodwill And Other Intangible Assets Components Of Other Intangible Assets (Detail)
Investment In Other Affiliates
Investment In Other Affiliates Additional Information (Details)
Leases
Leases (Additional Information) (Details)
Leases (Lease Assets And Liabilities) (Details)
Leases (Lease Cost) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Maturity Of Lease Liabilities) (Details)
Leases (Other Information) (Details)
Leases (Tables)
Revenue Recognition (Contract Revenue) (Details)
Revenue Recognition (Deferred Revenue) (Details)
Revenue Recognition (Narrative) (Details)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation Expenses (Detail)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity Additional Information (Detail)
Shareholders' Equity Cash Dividends Declared Per Common Share (Details)
Shareholders' Equity Changes In Accumulated Other Comprehensive Income (Loss) Balances (Detail)
Shareholders' Equity Gains And Losses, Net Of Tax Reclassified From Accumulated Other Comprehensive Income (Details)
Shareholders' Equity Reconciliation Of Weighted Average Number Of Shares (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies Activity In Polaris Accrued Warranty Reserve (Detail)
Significant Accounting Policies Additional Information (Details)
Significant Accounting Policies Deferred Revenue (Details)
Significant Accounting Policies Fair Value Measurements (Details)
Significant Accounting Policies Major Components Of Inventories (Details)

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: 0001628280-19-004641
Submitted to the SEC: Wed Apr 24 2019 1:08:22 PM EST
Accepted by the SEC: Wed Apr 24 2019
Period: Sunday, March 31, 2019
Industry: Miscellaneous Transportation Equipment

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