Polaris Industries yesterday announced its 2024 fourth quarter and full year financial results.
The Godfrey, Hurricane and Bennington parent posted full-year sales of $7.18 billion, down 20% from the previous year. Fourth-quarter sales of $1.8 billion were down 23% year-over-year.
Fourth-quarter marine division sales were down 4% to $137.4 million compared with the previous-year quarter, and gross profit margin shrunk 0.6%.
According to a statement, the marine decline was largely driven by lower volume due to planned shipment reductions to dealers. Gross profit margin was affected by decreased sales volume, which impacted the leverage of manufacturing costs.
“Amid a tough year for the powersports industry, I’m proud of the Polaris team’s disciplined focus to make progress within the areas we can control,” CEO Mike Speetzen said in the statement. “We were relentless in our efforts, resulting in continued innovation leadership with our products, a 16% reduction in [off-road vehicle] dealer inventory, and an operational efficiency savings goal that was exceeded by over $100 million.”
