Thursday, Polaris Industries Inc. (PII) said its third-quarter net income decreased to $31.17 million or $0.94 per share from $37.69 million or $1.13 per share in the prior year period. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.85 per share for the quarter.
Sales for the quarter declined to $436.19 million from $580.28 million in the comparable period. Analysts estimated revenues of $423.13 million for the quarter.
The company expects fourth-quarter 2009 earnings in the range of $1.19 - $1.25 per share with sales to be down 12% - 17% from the fourth quarter of 2008. Analysts estimate earnings per share of $1.13 per share and revenues of $448.10 million for the quarter.
Full-year 2009 earnings are now anticipated to be in the range of $2.92 - $2.98 per share, compared with the prior guidance of $2.70 - $2.90 per share. Sales for the full year 2009 are currently projected to decline in the range of 20% - 22%. Earlier, the company expected fiscal 2009 sales to drop between 20% and 25%. Analysts estimate earnings per share of $2.77 per share on revenues of $1.53 billion for the year.
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