The Q4 numbers are in and Polaris is in the black! Full year 2022 sales were a record $8,589 million, up 15% compared to 2021. A late season surge pushed 4th quarter sales over the top as $2,404 million was tallied, up 21% compared to the prior year. Citing higher volumes, strong pricing and a favorable product mix, Polaris was able to offset foreign exchange-related headwinds.
“Polaris ended the year strong,” stated Polaris Inc. CEO Mike Speetzen. “We delivered record full year sales and earnings, a testament to our team’s focus, dedication, and execution. Throughout the year, we continued to assert our position as the global leader in powersports by renewing our commitment to our core businesses, delivering rider-driven innovation, and successfully navigating a challenging environment…”
However it is not all blue sky ahead for Polaris. Retail sales for the quarter were down 6% despite improving performance in utility Off-Road and Indian Motorcycle. A softening demand for its recreational Off-Road sector is to blame, according to Polaris Earnings statement. Speetzen still sees a silver lining, though.
“Looking ahead, we see significant opportunity for success supported by a strong pipeline of new products and continued supply chain improvement. Although macroeconomic headwinds may persist in 2023, our team remains agile and poised to deliver industry-leading innovation that is consistent with the Polaris brand.”
Additional Financial Highlights:
• Record full year 2022 sales were $8,589 million, up 15% compared to last year.
• Record full year 2022 reported diluted earnings per share from continuing operations was $10.04, up 27%; adjusted diluted earnings per share from continuing operations was $10.40, up 15% versus last year.
• Record fourth quarter sales were $2,404 million, up 21% compared to last year.
• Record fourth quarter reported diluted earnings per share from continuing operations was $3.36, up 129% versus last year; adjusted diluted earnings per share from continuing operations was $3.46, up 57%.