Polaris (NYSE:PII) Issues Earnings Results, Beats Estimates By $0.17 EPS

Polaris (NYSE:PII) issued its earnings results on Tuesday. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.17, Briefing.com reports. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.75 billion. Polaris had a net margin of 5.63% and a return on equity of 40.98%. The firm’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.05 earnings per share. Polaris updated its FY24 guidance to $7.79-$8.24 EPS and its FY 2024 guidance to 7.786-8.244 EPS.

Polaris Price Performance

PII stock traded down $2.04 during mid-day trading on Wednesday, reaching $84.46. 386,140 shares of the company traded hands, compared to its average volume of 683,340. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.39 and a quick ratio of 0.46. The company has a market capitalization of $4.77 billion, a P/E ratio of 9.74, a P/E/G ratio of 2.39 and a beta of 1.60. Polaris has a 52-week low of $82.00 and a 52-week high of $138.49. The company has a fifty day moving average price of $92.93 and a 200-day moving average price of $91.69.

Polaris Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Thursday, February 29th. This is a positive change from Polaris’s previous quarterly dividend of $0.65. Polaris’s payout ratio is presently 30.34%.

Analyst Upgrades and Downgrades

PII has been the topic of several research reports. BMO Capital Markets decreased their price objective on shares of Polaris from $100.00 to $95.00 and set a “market perform” rating on the stock in a report on Wednesday, January 31st. Royal Bank of Canada decreased their price target on shares of Polaris from $103.00 to $97.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Robert W. Baird cut their price objective on shares of Polaris from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial dropped their target price on shares of Polaris from $96.00 to $92.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Morgan Stanley raised shares of Polaris from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $103.00 to $113.00 in a report on Wednesday, January 17th. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Polaris has an average rating of “Hold” and a consensus target price of $101.55.

About Polaris

Polaris Inc designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; and moto-roadsters, quadricycles, and boats.