According to its fourth quarter 2022 earnings, released Jan. 31, Polaris reported record full year 2022 sales of $8,589 million, up 15% compared to the previous year. The fourth quarter saw the company with a record $2,404 million in sales, up 21% year-over-year.
The company said that primary sales drivers in the quarter were higher volumes, strong pricing and favorable mix, offsetting foreign exchange-related headwinds.
North America sales of $2,108 million in the fourth quarter represented 88% of total company sales and increased 23% from $1,715 million in 2021. International sales of $296 million represented 12% of total company sales and increased 7% vs. the fourth quarter of 2021.
In the Off-Road segment, the company gave the following factors as primary drivers:
- Sales were driven by higher pricing and favorable product mix.
- Parts, Garments and Accessories (PG&A) sales increased 8%.
- Gross profit margin performance was driven by favorable pricing and higher volumes, more than offsetting higher warranty expense.
- Snow season-to-date unit retail sales were down due to sale and ship holds associated with recalls.
- Polaris North America ORV unit retail sales were down mid-single digits percent. Estimated North America industry ORV unit retail sales were down low-single digits percent.
Polaris expects 2023 sales to be flat to up 5% vs. 2022.
