Polaris reported its third quarter 2023 earnings on Oct. 24, including sales totaling $2,249 million, down 4% compared to last year.

North America sales of $1,986 million represented 88% of total company sales and decreased 4% from $2,069 million in 2022. International sales of $263 million represented 12% of total company sales and decreased 3% vs. the third quarter of 2022. Total company sales in the third quarter of 2023 were negatively impacted by lower shipment volumes and higher finance interest.

Off road revenue for the third quarter was $1,844.4 million, up 6% year-over-year. In this segment, sales were driven by higher snowmobile volume partially offset by higher finance interest. Gross profit margin performance was driven by unfavorable product mix.

"Our third quarter results were slightly lower than our expectations, as elevated manufacturing costs and an increasingly cautious consumer environment put added pressure on our results," said CEO Mike Speetzen. "While overall sales declined, North American retail was up 5% in the quarter and we took share across each segment of our business." 

Speetzen also said during the earnings call that the company's dealers were taking "a more conservative position" due to a slower retail environment and rising flooring costs. He also said dealer inventory levels are still below where they were in 2019.

The Company updated its 2023 sales outlook to up 3-5% vs. its previous outlook of up 3-6% vs. 2022.


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