Polaris Industries reported sales of $2.2 billion in the first quarter of fiscal 2023, an increase of 22% compared with the prior-year quarter. International sales were up 16%, and marine revenue increased 25% to $264 million for the Bennington, Godfrey and Hurricane parent.
In a statement, the company said, marine sales growth was driven by favorable net pricing, product mix and volume, and that the supply chain was “very close to normal.” Gross profit margin benefitted from a mix of product and net pricing, the company said. The new Godfrey Mighty G entry-level pontoons are now shipping.
The 12-month rolling average pontoon market share was down approximately 2.5 points to the industry.
For total company results, adjusted gross profit margin was up by 21.5% to 170 bps, and adjusted EBITDA was up 10.9% to 172 bps. The company said production inefficiencies remain a headwind.
The company is forecasting total sales for the year to be flat to up 5%, in the $8.6 billion to $9 billion range. Sales for the marine segment are expected to be flat.
