Polaris Industries (NYSE: PII) reported Q1 EPS of $0.22, $0.33 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $1.41 billion versus the consensus estimate of $1.41 billion.

• First quarter reported sales decreased 6% to $1,405 million
• First quarter reported net loss was $0.09 per share; adjusted net income for the same period was $0.22 per share
• First quarter North American retail sales decreased high-single digits percent for the quarter compared to last year; Indian motorcycles retail sales were up low-single digits percent
• The Company entered into an incremental $300 million 364-day unsecured term-loan facility on April 9, 2020, further increasing its liquidity position
• Cash on hand at April 23, 2020 was $475 million along with $250 million currently available under the Company’s revolving line of credit
• Manufacturing plants have restarted production at select locations based on orders in hand, anticipated future demand and supply chain parts availability

CEO Commentary

Polaris opened 2020 on an upswing, with retail demand significantly outpacing our expectations, but the abrupt impact of COVID -19 in mid-March drastically altered our momentum. Since then we have honed our focus to four goals which will guide us through this crisis: the safety of our employees, the viability of Polaris, the strength of our dealer network, and stewardship for our shareholders and other stakeholders. Through fast action and bold decisions, we enhanced workplace safety and re-aligned our operations to match evolving demand trends. We also moved aggressively to optimize our cost structure, preserve liquidity, and augment our financial strength and flexibility, and we are actively supporting our dealers as they find innovative ways to serve customers and reignite demand. We expect the COVID-19 pandemic, and its corresponding shock to the economy, to be a substantial challenge for the global economy and our business through the remainder of the year and possibly longer. Nevertheless, I am confident in our dedicated and hard-working Polaris team’s ability to navigate through this unprecedented environment and emerge a better, stronger, and more agile business. Regardless of the headwinds we face, our commitment to being a customer-centric, highly efficient growth company remains unchanged, as we believe this vision will propel our business forward and further solidify our position as the global leader in Powersports.

-- Scott Wine, Chairman and Chief Executive Officer of Polaris Inc.

For earnings history and earnings-related data on Polaris Industries (PII) click here.