Polaris earnings rise 63% past Wall Street estimates

Polaris Inc. PII, +1.88% said Tuesday its third-quarter net income rose to $186.3 million, or $3.10 a share, from $114.6 million, or $1.84 a share, in the year-ago quarter. Adjusted earnings were $3.25 a share in the latest quarter. Third-quarter revenue increased to $2.34 billion from $1.78 billion. Wall Street analysts expected the Medina, Minn.-based maker of all-terrain vehicles to earn $2.78 a share on revenue of $2.19 billion, according to FactSet data. Polaris said. Higher volumes, strong pricing and favorable mix drove its gains, along with “modest sequential improvement in supply chain,” the company said. Looking ahead, Polaris stuck to its 2022 earnings target of $10.10 to $10.30 a share, but lifted the bottom end of its full year sales outlook to an increase of 15% to 16% compared to its earlier estimate for an increase of 13% to 16%. Analysts are looking for 2022 earnings of $10.03 a share. Shares of Polaris are down 14% in 2022, compared to a loss of 20.3% by the S&P 500 SPX, +1.19%.