Polaris, parent of the Bennington, Godfrey and Hurricane brands, reported an increase in marine revenue in its second quarter, as well as improving profit margins in the segment.
Revenue in the marine business rose 38 percent in the second quarter, to $273 million from $197.6 million in the second quarter of 2021, Polaris said in a statement yesterday. Gross profit margin improved to 24.4 percent from 24 percent.
Higher marine sales were driven by an improvement in unit volumes and higher prices, the company said. Polaris increased its overall company earnings guidance for the full year.
“While we are closely watching a number of demand indicators to understand the resilience of the consumer in this environment, we continue to see a healthy consumer and stable demand,” Polaris CEO Mike Speetzen said. “In the quarter, some easing of logistics complexities, commodity costs and certain supply-chain bottlenecks helped to support sequential margin improvement and increased shipment volume.”
Speetzen said those favorable trends appear to be continuing in the second half of the year but that Polaris will “remain diligent and prepared to respond if headwinds materialize.”