Pointing to continued supply-chain constraints and components shortages, Polaris said sales in the third quarter were essentially flat at $1.96 billion, up $5 million from the same quarter a year ago.
The company reported in a statement that other measurables also were down for the quarter, including net income, which declined 41 percent to $115 million, compared with $167 million a year prior. Gross profit dipped 13 percent to $466 million, from $535 million last year.
The boating segment was a bright spot for Polaris. The parent of Bennington, Godfrey and Hurricane reported that boat sales increased to $184 million, an 18 percent increase compared with $155 million in the third quarter of 2020. Gross profit increased 24 percent to $41 million.
Polaris attributed the marine increases primarily to pricing, its product mix and significant retail demand with little to no promotional assistance.
Chief executive officer Mike Speetzen said in the statement that although Polaris expects supply chain issues to persist, leading to lower dealer inventory and shipments, interest in recreation will continue to buoy sales.
“Retail sales were impacted by the substantial deterioration of the supply chain permeating the global economy, but continued interest and demand from existing riders and new customers advanced our market position,” Speetzen said. “We expect the supply chain will remain volatile into 2022, but with this team’s tenacity, our strong brands, future product plans and focused execution, I am excited by what the future holds for Polaris.”
