Polaris, the parent of Hurricane, Bennington and Godfrey, yesterday released its fiscal 2023 and fourth quarter financial and operational highlights.
Full-year sales were $8.93 billion, up 4% from the previous year. Fourth-quarter sales of $2.29 billion were down 5% year-over-year.
Fourth-quarter marine division sales were down 41% to $143.2 million compared with the previous-year quarter, and gross profit margin decreased 4%.
According to a statement, marine segment results were largely driven by lower sales volumes. Gross profit margin was also impacted by the sales decrease and lower net pricing, which resulted in decreased leverage of manufacturing costs.
“As reflected in our outlook, segments of our industry are expected to remain challenged in 2024, but we believe we will continue to capture market share with our robust lineup and new products coming later this year,” CEO Mike Speetzen said in the statement.
The company said its 2024 outlook includes a 5% to 7% decrease in sales from the prior year. It expects adjusted diluted earnings per share from continuing operations attributed to Polaris shareholders to be down between 10% and 15%.
