Polaris Industries yesterday announced financial results for its 2022 fiscal year and fourth quarter.
Full-year 2022 sales were $8.6 billion, an increase of 15% compared with 2021. Fourth quarter sales were $2.4 billion, a 21% increase over the year-ago quarter.
The company’s marine business, which includes Bennington and Godfrey pontoons and Hurricane deck boats, grew to $244.7 million, a 36% increase from the year-ago quarter, while gross profit margin in the segment increased 209 basis points to 21.9% in the quarter.
In a statement, the company said that marine sales were largely driven by higher pricing and a favorable product mix, as well as healthier inventory going into the fall boat show season. Profit growth was driven mainly by a better product line mix.
The company’s 2023 outlook forecasts sales to be flat or increase by up to 5%. It also predicted adjusted diluted earnings per share to be down 3% or up 3% versus 2022.
