An “unprecedented” demand for off-road vehicles helped Polaris crawl back from a near complete shutdown of dealers in the spring, said CEO Scott Wine.
Despite the uptick, Medina-based Polaris on Tuesday said sales for the second quarter were $1.5 billion, down 15% from the same period last year. The company has a net loss of $88 million, or $1.42 per diluted share.
“Our broad array of best-in-class products provided an attractive social-distancing solution for both existing, and encouragingly, a wide range of new Powersports customers,” Wine said in a statement. “During the quarter, we navigated a level of uncertainty and unrest that is unparalleled in our nation’s history, beginning with rapidly and successfully restarting our production facilities, while protecting the health and safety of our employees.”
Polaris temporarily shut down plants and dealers were required to close because of stay-at-home orders to stem the spread of coronavirus.
Demand for off-road vehicles and motorcycles continued into July, Wine said.
The company went into July with historically low dealer inventory, which along with the continued demand leaves the company well-positioned for the rest of the year, he said.
The results gave the company enough confidence, officials said, to reinstitute guidance for the rest of the year. Full year 2020 adjusted earnings are expected to be $6.40 to $6.60, which is up from the $6.32 per diluted share for 2019. Sales are expected to be flat to down 2% at a range of $6.65 billion to $6.75 billion, because of the second quarter shutdowns.