Polaris reported second-quarter sales of $1.51 billion, down 15 percent from the same period in 2019, and a net loss of $235 million, or $3.82 per diluted share.
Retail demand for off-road vehicles and motorcycles helped offset the slowdown caused by Covid-19, the company said.
“We overcame a near complete shutdown of both our dealers and the U.S. economy early in the quarter to capitalize on unprecedented retail demand for our off-road vehicles and motorcycles through May, June and now July,” CEO Scott Wine said in a statement.
Boat segment sales decreased 28 percent to $132 million in the second quarter, compared with $182 million in the 2019 second quarter. Gross profit decreased 54 percent to $19 million, or 14.1 percent of sales, in the quarter, compared to $41 million, or 22.2 percent of sales, in the same quarter of 2019.
“During the quarter, we navigated a level of uncertainty and unrest that is unparalleled in our nation’s history, beginning with rapidly and successfully restarting our production facilities while protecting the health and safety of our employees,” Wine said.
Despite softness in adjacent markets businesses, Polaris is well-positioned for the second half of the year, Wine said.
“I am fortunate to work with an extremely talented team and am confident that we will navigate this pandemic, engender a more welcoming and inclusive powersports industry, and continue building an even better and stronger business,” he said.