Polaris Industries (PII) Declares $0.62 Quarterly Dividend, 2.9% Yield; Reports Covenant Relief

Polaris Industries (NYSE: PII) declared a quarterly dividend of $0.62 per share, or $2.48 annualized.

The dividend will be payable on June 15, 2020, to stockholders of record on June 5, 2020, with an ex-dividend date of June 4, 2020.

The annual yield on the dividend is 2.9 percent.

“I am extremely proud of the resiliency and dedication of our Polaris team, as their agility has enabled our response to the unexpectedly sharp recovery we are seeing, which in many cases has meant unprecedented demand for our brands and vehicles,” said Scott Wine, Polaris Chairman and CEO. “The influx of new customers to our dealerships is very encouraging, as people seeking fun family activities while social distancing recognize that our vehicles and “Think Outside” tagline resonate with their desires. With demand rapidly accelerating, bringing our global plant network back online – including the recent resumption of production at our Monterrey facility – provides an important sign of normalcy for our business. While we are pleased by current developments, we continue to act prudently to drive business success and remain watchful for a more difficult economic environment. The actions we are announcing today allow us to maintain strong financial flexibility while continuing to return capital to our shareholders, proving our ongoing commitment to deliver shareholder value despite the macroeconomic uncertainty we are facing.”

Covenant Relief

To further enhance Polaris’ liquidity and ensure full availability under its credit agreement, today the Company and its partner lenders and noteholders amended their arrangements to favorably adjust the existing financial covenants. Under the revised agreements, the Company’s maximum leverage ratio temporarily increases from 3.5 to 1 to 4.75 to 1. This covenant relief, which will be in place until March 31, 2021, is structured to provide Polaris the ability to maximize the use of its existing credit facility, allowing for increased liquidity and flexibility should there be any additional unexpected negative impact on the business resulting from the COVID-19 pandemic.

For a dividend history and other dividend-related data on Polaris Industries (PII) click here.

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