Polaris (NYSE:PII) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Polaris (NYSE:PII) released its earnings results on Tuesday. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.17, Briefing.com reports. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.75 billion. Polaris had a return on equity of 40.98% and a net margin of 5.63%. The company’s revenue for the quarter was down 20.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.05 EPS. Polaris updated its FY24 guidance to $7.79-$8.24 EPS and its FY 2024 guidance to 7.786-8.244 EPS.

Polaris Price Performance

NYSE PII traded down $1.77 during mid-day trading on Wednesday, hitting $84.73. The stock had a trading volume of 413,135 shares, compared to its average volume of 684,115. Polaris has a 52-week low of $82.00 and a 52-week high of $138.49. The company has a market cap of $4.79 billion, a price-to-earnings ratio of 9.73, a P/E/G ratio of 2.39 and a beta of 1.60. The company has a 50 day simple moving average of $92.93 and a 200 day simple moving average of $91.69. The company has a quick ratio of 0.46, a current ratio of 1.39 and a debt-to-equity ratio of 1.31.

Polaris Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.66 dividend. This is a boost from Polaris’s previous quarterly dividend of $0.65. This represents a $2.64 annualized dividend and a dividend yield of 3.12%. The ex-dividend date was Thursday, February 29th. Polaris’s dividend payout ratio (DPR) is currently 30.34%.

Analyst Upgrades and Downgrades

PII has been the topic of several analyst reports. KeyCorp cut their target price on Polaris from $115.00 to $105.00 and set an “overweight” rating on the stock in a research report on Friday, January 12th. DA Davidson reissued a “neutral” rating and set a $80.00 price target on shares of Polaris in a research report on Tuesday, March 5th. BMO Capital Markets decreased their price objective on Polaris from $100.00 to $95.00 and set a “market perform” rating for the company in a research note on Wednesday, January 31st. Morgan Stanley upgraded Polaris from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $103.00 to $113.00 in a research note on Wednesday, January 17th. Finally, Bank of America initiated coverage on Polaris in a research note on Wednesday, April 3rd. They issued a “neutral” rating and a $110.00 price objective for the company. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $101.55.

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.