Polaris's stock plunges to pace premarket losers after downbeat profit outlook
Shares of Polaris Industries Inc. plunged 8.7% to pace all premarket declines Tuesday, after the powersports product seller topped fourth-quarter profit expectations but came up shy on revenue, and provided a downbeat full-year outlook citing the negative potential impact of tariffs, higher interest rates and currency moves. Net income for the latest quarter rose to $91.5 million, or $1.47 a share, from $31.5 million, or 49 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.83, above the FactSet consensus of $1.82. Sales rose 14% to $1.63 billion, below the FactSet consensus of $1.65 billion, as off-road vehicle and motorcycle sales missed expectations. For 2019, Polaris expects adjusted EPS of $6.00 to $6.25, below the FactSet consensus of $6.94. The stock has tumbled 36.8% over the past 12 months through Monday, while the S&P 500 has lost 7.4%.
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