Polaris Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with total sales of $7.2 billion, a decrease of 20% from $8.9 billion in 2023. The company's gross profit also fell by 25% to $1.5 billion, down from $2.0 billion the previous year. This decline was attributed to decreased shipments across all segments and lower net pricing driven by increased promotional costs. Net income from continuing operations dropped sharply to $110.8 million, or $1.95 per diluted share, compared to $502.8 million, or $8.71 per diluted share, in 2023.
In terms of operational metrics, Polaris experienced a decrease in shipments across its three business segments: Off Road, On Road, and Marine. The Off Road segment, which includes ORVs and snowmobiles, saw sales decline by 18% to $5.7 billion, while the On Road segment's sales fell by 17% to $987.8 million. The Marine segment faced the most significant drop, with sales plummeting 37% to $480.9 million. The company maintained a strong market presence, leading the North American market share in off-road vehicles, despite the overall decline in sales.
Strategically, Polaris has focused on product innovation and market expansion. In 2024, the company introduced several new models and enhancements across its ORV and snowmobile lines, including the redesigned RZR Pro lineup and new trim offerings for the RANGER models. The company also expanded its Polaris Adventures business, which partners with local outfitters to provide unique ride experiences, completing over 1.75 million rides since its inception in 2017. However, the overall market conditions, including increased competition and changing consumer preferences, have posed challenges to growth.
Polaris's workforce as of December 31, 2024, consisted of approximately 15,000 full-time employees, a reduction from previous years due to adjustments in production cycles. The company continues to invest in its workforce through various development programs aimed at enhancing employee skills and leadership capabilities. Looking ahead, Polaris anticipates a challenging environment, with expectations of continued pressure on sales and profitability due to macroeconomic factors and competitive dynamics. The company remains committed to its long-term strategy of innovation and market leadership in the powersports industry.
About Polaris Inc.
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