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Polaris Industries Q1 Profit Down; But Lifts FY Profit View

Polaris Industries Inc. (PII) reported that its net income for the first quarter 2019 declined to $48 million or $0.78 per share, from $56 million or $0.85 per share last year.

Adjusted net income for the quarter was $67 million or $1.08 per share compared to $74 million or $1.13 per share in the prior year.

Quarterly sales were $1.496 billion on a reported and adjusted basis, up 15 percent from $1.297 billion for the first quarter of 2018, including $185 million of Boat segment sales reported in the first quarter of 2019.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share and revenues of $1.5 billion for the first-quarter. Analysts' estimates typically exclude special items.

The company raised its full year earnings guidance and now expects adjusted net income to be in the range of $6.05 to $6.30 per share, compared with adjusted net income of $6.56 per share for 2018. Analysts expect annual earnings of $6.07 per share.

Full year 2019 sales expectation remains unchanged at up 11 to 13 percent.

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