Polaris today reported fourth- quarter sales of $1.7 billion, an increase of 7 percent compared with the same period a year ago. Net income was $98.9 million, up 8 percent over a year ago.
“We ended the year with positive fourth quarter retail momentum in both off-road vehicles and motorcycles, supporting strong full-year, broad-based sales growth of 12 percent,” CEO Scott Wine said in a statement.
Fourth quarter sales for Polaris’ boat segment declined 7 percent to $135 million, according to the statement, with gross profit falling 1 percent to $25.7 million. The company said “negative product mix and planned dealer inventory reductions” were the causes of the lower sales.
For 2019, companywide sales were $6.78 billion, compared with $6.08 billion in 2018. Polaris expects 2020 sales to be up 2 to 4 percent, with net income to be in the range of $6.80 to $7.05 per diluted share.
“While the negative impact of tariffs remains a significant headwind on an annualized basis, the year-over-year impact is expected to be minimal to the company’s 2020 full year earnings guidance,” said the statement.