01/26/2021 | Press release | Distributed by Public on 01/26/2021 06:32
Click here to download the detailed report: POLARIS REPORTS 2020 FOURTH QUARTER RESULTS
Q4 2020 Highlights
Fourth quarter reported and adjusted sales increased 24% to $2,156 million
Fourth quarter reported net incomewas $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 salesincreased 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%