Polaris reports $36 million gross profit on Q1 boat sales

Author:
Publish date:
Polaris acquired Bennington pontoons in last summer’s Boat Holdings acquisition.

Polaris acquired Bennington pontoons in last summer’s Boat Holdings acquisition.

Polaris today reported sales of $185 million for boat segment sales for its first quarter, with gross profits of $36 million, or 19.6 percent of sales. The revenues consist of last summer’s Boat Holdings acquisition, which includes the Bennington, Godfrey, Hurricane and Rinker brands. The sales do not include the Larson Boat Group, which Polaris announced that it planned to acquire in late January.

Companywide, Polaris had sales of $1.49 billion, up 15 percent compared to the same quarter a year ago. Net income fell by 9 percent to $66.9 million.

“We delivered sound results and finished the quarter with strong momentum,” chairman and CEO Scott Wine said in a statement. “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.”

Wine said that its boat brands “fared well” during recent boat shows and that “dealer inventory levels are well-positioned to support the peak spring retail selling season.”

Polaris said that its North American retail sales were down 3 percent for the quarter, with sales declines in off-road vehicles and motorcycles. Motorcycle sales were down mid-single digits. International sales were off by 4 percent for the quarter.

Polaris increased its full-year 2019 earnings guidance. It expects earnings to range from $6.05 to $6.30 per diluted share, which includes the absorption of $80 million to $90 million of additional tariff costs anticipated in 2019. Full-year 2019 adjusted sales growth guidance remains unchanged, up 11 percent to 13 percent over the prior year.

Related

Yamaha Rightwaters To Launch Trash Interceptor

Developed in conjunction with the FAMU-FSU College of Engineering, the device is designed to remove debris from waterways before it reaches the ocean.

Vessel Vanguard Releases Latest Management Platforms

The company upgraded the features, functionality and security of its suite of maintenance management programs.

Cox Marine Appoints COO

Gavin Wesson will oversee the continued development of the company’s diesel outboard.

Netherlands Eases Covid Measures as Metstrade Approaches

The moves by the Dutch government open up travel prior to the show, which is scheduled for Nov. 16-18 at RAI Amsterdam.

Coming to America

Swedish electric boat builder X Shore has established a North American sales office in Newport, R.I.

Registration Opens for ABYC Standards Week

Scheduled for Jan. 10-14, the conference includes sessions to review current and new standards, the group’s annual meeting and the Marine Law Symposium.

New Initiatives To Push Boating Safety

The Marine Industries Association of Southwest Florida and Discover Boating are promoting on-water safety, one in a digital format and and one analog.