06:57 AM EDT, 07/23/2024 (MT Newswires) -- Polaris (PII) reported Q2 adjusted earnings Tuesday of $1.38 per share, down from $2.42 a year earlier.

Analysts polled by Capital IQ expected $2.26.

Sales for the quarter ended June 30 were $1.96 billion, down from $2.22 billion a year earlier.

Analysts surveyed by Capital IQ expected $2.17 billion.

The company updated its 2024 sales outlook to be down 17 to 20% versus its previous outlook of down 5 to 7% compared with 2023. Analysts polled by Capital IQ expect $8.33 billion.

The company expects adjusted diluted EPS to be down 56 to 62% compared with 2023 versus the prior outlook of down 10 to 15%. Analysts surveyed by Capital IQ expect $7.57. "We have lowered our full-year guidance to reflect the decision to cut shipments and our expectations that current industry challenges remain in place for the remainder of the year," Chief Executive Officer Mike Speetzen said.

Polaris shares fell 15% in premarket trading.

Price: 69.25, Change: -12.89, Percent Change: -15.69