07:18 AM EDT, 04/23/2024 (MT Newswires) -- Polaris (PII) reported Q1 adjusted earnings Tuesday of $0.23 per diluted share, down from $2.05 a year earlier.

Analysts polled by Capital IQ expected $0.09.

Total sales for the quarter ended March 31 were $1.74 billion, down from $2.18 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.75 billion.

For 2024, the sports vehicle and equipment company said it continues to expect adjusted earnings to decline 10% to 15% on a 5% to 7% decline in sales compared to 2023. Analysts polled by Capital IQ expect earnings of $7.86 on revenue of $8.39 billion.

Shares of the company were down more than 2% in recent Tuesday premarket activity.