Polaris Industries, parent to the Bennington, Godfrey and Hurricane brands, yesterday announced its second quarter financial results.
Overall sales were down 6% from the year-ago quarter to $1.85 billion, largely due to lower volume, reduced shipments, negative product mix and lower net pricing driven by higher promotional spend. Gross profit margin was 19.4%, down 223 basis points year-over-year.
The marine segment was a bright spot, with sales of $155.3 million, a 16% increase from the prior-year period. In a statement, the Polaris said increase was driven by increased volumes.
“Amid a global macroeconomic environment that remains dynamic, the Polaris team has maintained an unwavering focus on advancing our strategy and delivering for customers and dealers,” CEO Mike Speetzen said in the statement. “Polaris’ second quarter performance is the result of our disciplined execution. There are many successes in the quarter to celebrate, such as revenue exceeding our expectations, gaining market share, achieving our highest second quarter operating cash flow in over five years, and surpassing prepandemic benchmarks in plant efficiency through our lean efforts.”
The company’s guidance for the third quarter includes sales of $1.6 billion to $1.8 billion.
