Polaris Reports Sales Down 4 Percent in Q3

Global sales took a hit thanks to borrowing rates and economic uncertainty.

Polaris’ earnings were down four percent in Q3 compared to the same period last year.Zach Bowman

Polaris pulled in $2.2 billion in worldwide sales in Q3, down 4 percent over the same period last year. At the same time, costs were up compared to the third quarter of 2022. The company reported slower sales, higher finance rates, and other economic factors dampened results.

The drop meant that Polaris’ profit margin was down 127 basis points over Q3 of ‘22, to 22.6 percent. Net income was also down, coming in at $157 million adjusted net income, a dip of 20 percent. Operating costs climbed by $11 million over last year, to $328 million.

The drop comes on the heels of a strong Q2, which saw sales up 7 percent over 2022. The shaky Q3 results caused Polaris to adjust its growth target for 6 percent above 2022 to 3 percent over last year.

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