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EX - 99.1 2 a52418386ex99_1.htm EXHIBIT 99.1 Polaris First Quarter 2021 Earnings Results Financial and Operational Highlights First quarter reported and adjusted sales increased 39 % to $ 1,951 million First quarter reported net income was $ 2.11 per share ; adjusted net income for the same period was $ 2.30 per share Gross profit margin , reported and adjusted , for the first quarter was 24.6 % and 24.7 % , up 378 basis and 352 basis points over the prior year , respectively . The increase was primarily due to lower promotional costs , partially offset by costs related to supplier constraints North American retail sales increased 70 % for the quarter compared to last year driven by broad - based strength across the business Market share improved for all segments during the quarter ; ORV , snowmobiles , motorcycles and boats Polaris repurchased approximately 2.5 million shares of Polaris stock during the quarter for $ 299.1 million Polaris increased its full year 2021 sales and earnings guidance and now expects earnings to be in the range of $ 9.00 to $ 9.25 per diluted share . Full year 2021 adjusted sales is now expected to be up 18 % to 21 % over the prior year MINNEAPOLIS -- ( BUSINESS WIRE ) -- April 27 , 2021 -- Polaris Inc. ( NYSE : PII ) : Key Financial Data ( in millions , except per share data ) INCOME STATEMENT - Q1 March 31 , 2021 Sales Net income attributable to Polaris Diluted EPS $ $ $ BALANCE SHEET - March 31 , 2021 Cash and cash equivalents Inventories , net Total debt , finance lease obligations and notes payable $ Shareholders ' equity $ CASH FLOW - YTD Q1 March 31 , 2021 Net cash provided by operating activities Purchase of property & equipment Repurchase and retirement of common shares Cash dividends to shareholders $ $ $ $ $ Reported 1,951.1 134.1 2.11 Reported 432.4 1,339.9 1,433.8 1,059.4 Reported 56.0 45.4 299.1 38.6 YOY % Chg . 39 % NM NM YOY % Chg . 2 % 9 % ( 34 ) % 6 % YOY % Chg . NM ( 3 ) % NM 2 % $ Exhibit 99.1 $ Adjusted * 1,951.1 145.6 2.30 YOY % Chg . 39 % NM NM NM = Not meaningful * Note : the results and guidance in this release , including the highlights above , include references to non - GAAP operating measures , which are identified by the word " adjusted " preceding the measure . A reconciliation of GAAP / non - GAAP measures can be found at the end of this release . CEO Commentary The strength of our brands and the agility and dedication of the global Polaris team were on full display yet again this quarter , building on our incredible momentum from 2020 and delivering results that exceeded our expectations . Despite pandemic - related supply chain constraints , logistical challenges , and North American weather - related disruptions , sales across our business grew double - digits as we leveraged our capabilities and scale as the industry leader in powersports to deliver for our customers and dealers . Industry - leading innovation remains core to who we are , which was evident by the introduction of over 40 new or limited edition models during the quarter , including 22 new snowmobiles and a new turbo charged engine , 15 new and limited edition ORV models and three all - new Indian Chief motorcycles celebrating 100 years of one of the most historic and influential motorcycles of all time . We also announced plans to launch an all - new full - size electric RANGER by year - end , which further positions us to be the leader in powersports electrification . We will continue to swiftly navigate the challenges that may present themselves in the coming quarters , while positioning Polaris for long - term growth and value - creation for all our stakeholders .