Bottom line news from Polaris announcing the Q4 and Full Year 2020 earnings. Shades of Paul Revere as Polaris proclaims its financial independence: “By land and water, on-road and off, you sought possibilities in the outdoors like never before. To our riders, our dealers, and our employees – . You made this possible. Here's to the trail ahead.”
Polaris Q4 2020 Highlights:
• Fourth quarter reported and adjusted sales increased 24% to $2,156 million
• Fourth quarter reported net income was $3.15 per share; adjusted net income for the same period was $3.34 per share
• Full year reported sales increased 4% to $7,028 million
• Full year 2020 reported net income was $1.99 per diluted share; adjusted net income for the same period was $7.74 per diluted share, exceeding the high-end of previously issued guidance
• North American retail sales increased 28% for the quarter compared to last year led by strength in ORV, Motorcycles and Snow. Boats retail sales were also strong during the quarter.
• Gross profit margin for the fourth quarter was 25.5%, up 112 basis points over prior year. Adjusted gross profit margin was 25.6%, up 95 basis points versus last year primarily due to positive product mix and lower promotional costs, offset somewhat, by costs related to supplier constraints.
• Full year operating cash flow finished at a record $1.019 billion
Polaris announced full year 2021 sales and adjusted earnings guidance with full year adjusted earnings in the range of $8.45 to $8.75 per diluted share and full year sales up in the range of $7,950 million to $8,150 million, an increase of 13% to 16%
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