Polaris Provides Business Update Related to COVID-19

Polaris Inc. (NYSE: PII) is today providing an update on its business and the actions the Company is taking in response to the COVID-19 pandemic.

Scott Wine, Polaris’ Chairman and Chief Executive Officer commented: “As we confront the COVID-19 pandemic, we are focusing on the health and safety of our employees, dealers, customers and the communities where we operate, while also taking bold action to protect our business. We have been aggressive with employee safety and supply chain mitigations actions, so our plants have operated effectively to meet the strong retail momentum we saw at the start the year, through the second week of March. As anticipated, pandemic concerns ultimately began to impact demand, which dropped suddenly in the middle of last week, and we are adjusting our operations accordingly. Between our Retail Flow Management (RFM) system and our agile workforce Polaris is built to react quickly during rapidly changing times. However, with no near-term resolution to the COVID-19 related economic slowdown in sight, we expect these events to have a significant impact on our 2020 financial results.”

“With most of our vehicles – and our Think Outside tagline – highly amenable to social distancing, we believe, with validation from our dealers, that powersports customers will not hibernate. Consistent with 2008, we are prepared for a period of vehicle retail demand being down significantly. Today, however, we have a much larger installed base and broader aftermarket portfolio, which will help to mitigate the impact of this unwelcome downturn. We remain focused on being a ‘customer centric, highly efficient growth company,’ although our immediate concern is navigating the current uncertainty.”

Wine continued: “While broad-based economic uncertainty is creating headwinds, I am confident that we have the foundation and team we need to withstand these challenges. We are taking action to further enhance our financial flexibility and adjust operations in light of the reduced demand, and we will think critically and act judiciously to keep Polaris strong in both the near- and long-term. This Polaris team is exceptionally strong, and as we work together to manage through these serious external challenges, I am extremely confident that we will get through this successfully and emerge as a better and stronger company.”