Polaris (NYSE:PII) Issues FY 2024 Earnings Guidance

Polaris (NYSE:PII) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 7.786-8.244 for the period, compared to the consensus EPS estimate of 7.870. The company issued revenue guidance of $8.3 billion-$8.5 billion, compared to the consensus revenue estimate of $8.4 billion. Polaris also updated its FY24 guidance to $7.79-$8.24 EPS.

Polaris Price Performance

Shares of NYSE:PII traded down $1.08 during midday trading on Tuesday, hitting $87.12. The company’s stock had a trading volume of 721,101 shares, compared to its average volume of 674,062. The business’s 50 day simple moving average is $92.93 and its 200 day simple moving average is $91.69. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.46 and a current ratio of 1.39. The company has a market cap of $4.92 billion, a P/E ratio of 10.01, a price-to-earnings-growth ratio of 2.37 and a beta of 1.60. Polaris has a 12-month low of $82.00 and a 12-month high of $138.49.

Polaris (NYSE:PII) last released its quarterly earnings data on Tuesday, January 30th. The company reported $1.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.67 by ($0.69). Polaris had a return on equity of 40.98% and a net margin of 5.63%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the previous year, the business posted $3.46 earnings per share. Polaris’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, analysts forecast that Polaris will post 7.97 EPS for the current year.

Polaris Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.66 per share. The ex-dividend date was Thursday, February 29th. This is a boost from Polaris’s previous quarterly dividend of $0.65. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.03%. Polaris’s dividend payout ratio (DPR) is currently 30.34%.

Analysts Set New Price Targets

PII has been the subject of a number of recent analyst reports. Morgan Stanley upgraded shares of Polaris from an equal weight rating to an overweight rating and lifted their price target for the company from $103.00 to $113.00 in a research report on Wednesday, January 17th. DA Davidson restated a neutral rating and issued a $80.00 price objective on shares of Polaris in a report on Tuesday, March 5th. BMO Capital Markets dropped their price objective on shares of Polaris from $100.00 to $95.00 and set a market perform rating for the company in a report on Wednesday, January 31st. Bank of America initiated coverage on shares of Polaris in a report on Wednesday, April 3rd. They issued a neutral rating and a $110.00 price objective for the company. Finally, Royal Bank of Canada lifted their price objective on shares of Polaris from $100.00 to $103.00 and gave the company a sector perform rating in a report on Wednesday, January 31st. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Polaris presently has an average rating of Hold and an average price target of $104.73.

About Polaris

Polaris Inc designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off-Road, On-Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; and moto-roadsters, quadricycles, and boats.