Polaris (NYSE:PII) Updates FY 2024 Earnings Guidance

Polaris (NYSE:PII) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 7.786-8.244 for the period, compared to the consensus earnings per share estimate of 7.870. The company issued revenue guidance of $8.3 billion-$8.5 billion, compared to the consensus revenue estimate of $8.4 billion. Polaris also updated its FY24 guidance to $7.79-$8.24 EPS.

Analyst Ratings Changes

A number of research firms recently issued reports on PII. Longbow Research raised shares of Polaris from a neutral rating to a buy rating and set a $120.00 price objective on the stock in a report on Monday, April 8th. BMO Capital Markets lowered their target price on shares of Polaris from $100.00 to $95.00 and set a market perform rating on the stock in a research note on Wednesday, January 31st. Royal Bank of Canada lifted their target price on shares of Polaris from $100.00 to $103.00 and gave the company a sector perform rating in a research note on Wednesday, January 31st. Morgan Stanley upgraded shares of Polaris from an equal weight rating to an overweight rating and lifted their target price for the company from $103.00 to $113.00 in a research note on Wednesday, January 17th. Finally, DA Davidson restated a neutral rating and set a $80.00 target price on shares of Polaris in a research note on Tuesday, March 5th. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Polaris currently has a consensus rating of Hold and an average target price of $104.73.

Polaris Price Performance

Shares of Polaris stock traded down $1.08 during trading hours on Tuesday, reaching $87.12. The company’s stock had a trading volume of 721,101 shares, compared to its average volume of 674,062. The firm has a 50 day moving average price of $92.93 and a 200-day moving average price of $91.69. Polaris has a one year low of $82.00 and a one year high of $138.49. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.39 and a quick ratio of 0.46. The stock has a market cap of $4.92 billion, a P/E ratio of 10.01, a P/E/G ratio of 2.37 and a beta of 1.60.

Polaris (NYSE:PII) last posted its earnings results on Tuesday, January 30th. The company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.69). Polaris had a return on equity of 40.98% and a net margin of 5.63%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter last year, the firm earned $3.46 earnings per share. The business’s quarterly revenue was down 4.8% on a year-over-year basis. On average, analysts predict that Polaris will post 7.97 EPS for the current year.

Polaris Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 3.03%. This is an increase from Polaris’s previous quarterly dividend of $0.65. The ex-dividend date was Thursday, February 29th. Polaris’s dividend payout ratio is presently 30.34%.

About Polaris

Polaris Inc designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; and moto-roadsters, quadricycles, and boats.