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NEWS
BRIEFS
The Bonneville Motorcycle Speed Trials ( the AMA Land Speed Grand Championship and FIM Land Speed World Records ) are slated for August 24-29 , 2024 - weather permitting . They were called off in 2023 , 2022 and 2015 due to flooding and in 2020 due to Covid ; www . bonnevillemst . com
Just after MotoGP and WorldSBK rights owner Dorna ( Madrid , Spain ) announced that it had sold its soul to Colorado based Formula One owner Liberty Media , 297,471 fans made MotoGP history at Le Mans with the 2024 Michelin Grand Prix de France breaking the all-time record to become the bestattended MotoGP event in history . The prior record was also set at Le Mans , in 2023 , when 278,471 fans joined MotoGP to celebrate the 1000th Grand Prix .
Six-time AMA Motocross National champion Broc Glover has been named Grand Marshal to headline AMA ' s centennial celebration Permco AMA Vintage Motorcycle Days presented by Yamaha - July 26-28 at the Mid-Ohio Sports Car Course in Lexington , Ohio . Regarded as the " Golden Boy " of the golden years of professional motocross , Glover , a Yamaha legend and AMA Motorcycle Hall of Famer , will serve as the event ' s Grand Marshal , engraining himself in a three-day long celebration of all things vintage motorcycling .
AMA reports that the City of Colorado has signed ' motorcycle lane-filtering legislation into Law , joining California , Utah , Montana and Arizona as states that permit the practice .
Polaris has declared a regular quarterly cash dividend of $ 0.66 per share payable on June 17 , 2024 to shareholders of record on June 03 . As at May 16 , 2024 the Polaris Industries share price ( NVSE : PII ) was languishing at $ 86.27 , down from a June 26 , 2023 one-year high of £ 137.17 and an all-time high of £ 154.32 ( December 2014 ).
Polaris Q1 Revenue and Units Volumes down overall , with Indian Units and Domestic Market Share Up
Against a background of an overall 20 % year-on-year decline in total all-segments sales revenue ($ 1,736m ), Polars has reported North America unit retail sales of Indian Motorcycles " up low-teens percent " in a market where estimated North America unit retail sales for the comparable motorcycle industry were up low-single digits percent ." This resulted in an increased motorcycle market share " at home " despite lower total volumes of their on-road range ( international motorcycle sales and domestic ' Slingshot ' sales included ). On Road segment results were primarily driven by the lower overall volumes and an 8 % decline in PG & A sales . Segment gross profit margin performance was driven by favorable product mix partially offset by higher warranty expense with lower net pricing driven by higher promotional activity . Mike Speetzen , Chief Executive Officer of Polaris Inc ., is quoted as
' Indian home market unit volume up low-teens percent '
stating that " our sales results for the first quarter were in line with our expectations and adjusted EPS came in above plan . " With our competitive product portfolio , we gained share in ORV , motorcycles and Marine , and the recent launches in our best-selling fullsize RANGER and Indian Scout lineups reflect our strategic focus on Rider- Driven Innovation . " While we continue to see strength within our Off-road Utility business , Snow was particularly challenging given poor winter conditions and trends in more recreational categories continued to be soft . " Looking forward in the year , our focus remains on sound execution in spite of the uncertain macro environment , from managing dealer inventory and delivering for customers , to making continued progress with operational improvements and driving profitable
KEY FINANCIAL DATA ( in millions , except per share data ) |
Continues on page 17 >>> |
Quarter ended March 31 , 2024 |
|
Reported |
YOY % change |
Adjusted |
YOY % change |
Sales |
$ 1,736.4 |
( 20 )% |
$ 1,736.4 |
( 20 )% |
Gross profit margin |
19.0 % |
-250 bps |
19.0 % |
-248 bps |
Total operating expenses |
$ 312.2 |
( 4 )% |
|
|
Net income attributable to Polaris |
$ 3.8 |
( 97 )% |
$ 13.0 |
( 89 )% |
Net income attributable to Polaris margin |
0.2 % |
-499 bps |
|
|
Adjusted EBITDA Margin * |
|
|
6.3 % |
-459 bps |
Diluted EPS attributable to Polaris |
0.07 |
( 96 )% |
0.23 |
( 89 )% |
Sales ( in millions ) |
Gross Profit Margin |
|
Q1 2024 |
Q1 2023 |
Change |
Q1 2024 |
Q1 2023 |
Change |
Off Road |
$ 1,335.7 |
$ 1,591.8 |
( 16 )% |
17.4 % |
20.8 % |
-339 bps |
On Road |
$ 277.2 |
$ 323.5 |
( 14 )% |
21.8 % |
21.4 % |
+ 41 bps |
Marine |
$ 123.5 |
$ 264.4 |
( 53 )% |
15.5 % |
23.3 % |
-776 bps |