Polaris二季度大幅超预期并再次上调全年销售指引

Polaris (PII) shot up in premarket trading on Tuesday after the company reported another stronger-than-expected quarter, delivering solid growth, margin expansion, and market share gains, while raising its full-year outlook for the second time this year.The company reported revenue rose 9.2% during the quarter to $2.0B, with organic growth of 17% when excluding the impact of the Indian Motorcycle separation. Key growth engines were Off-Road Vehicles, Commercial, Marine and Parts, Garments & Accessories (PGA), all of which delivered double-digit sales increases. Notably, North America retail sales increased 4% year over year, and Polaris (PII) said it gained ORV share for the fifth consecutive quarter, supported by strong demand for its RANGER utility side-by-sides and robust commercial vehicle orders.Adjusted gross margin was up 446 basis points from a year ago to 23.9% of sales. Adjusted earnings per share was reported at $1.97 vs. $0.71 consensus and $0.40 a year ago. Operational adjusted gross margin was 20.3% of sales.Polaris (PII) recorded $74M of tariff refunds in cost of sales, most of which benefited the Powersports segment, contributing meaningfully to reported margins and earnings.On the balance sheet, the company reported cash of $302M at the end of the quarter, total debt of $1.95B, and a net leverage ratio of 2.6X. Polaris (PII) has maintained its status as a “Dividend Aristocrat” with 31 consecutive years of dividend increases.On the back of the strong quarter and tariff refunds, Polaris (PII) raised its full-year 2026 adjusted sales guidance to $7.3 to $7.5B (midpoint $7.4B) vs. $7.29B consensus. Looking ahead, Polaris (PII) said it expects positive net price with model year pricing and lower promotions, and its operations are poised to meet any signs of increased demand.Shares of Polaris (PII) rose 4.6% in the premarket session after rising 2.3% on Monday.