Polaris Inc. (NYSE:PII) Q1 2022 Earnings Conference Call April 26, 2022 10:00 AM ET
Company Participants
J.C. Weigelt - Vice President of Investor Relations
Mike Speetzen - Chief Executive Officer
Bob Mack - Chief Financial Officer
Conference Call Participants
Craig Kennison - Baird
Joe Altobello - Raymond James
James Hardman - Citi
Fred Wightman - Wolfe Research
Gerrick Johnson - BMO Capital Markets
Robin Farley - UBS
Joseph Spak - RBC Capital Markets
Xian Siew - BNP Paribas Exane
David MacGregor - Longbow Research
Jaime Katz - Morningstar
Operator
Good day, and welcome to the Polaris First Quarter Earnings Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded.
I’d now like to turn the conference over to J.C. Weigelt, Vice President of Investor Relations. Please, go ahead.
J.C. Weigelt
Thank you, Jason, and good morning or afternoon, everyone. I’m J.C. Weigelt, Vice President of Investor Relations at Polaris. Thank you for joining us for our 2022 first quarter earnings call. We will reference a slide presentation today, which is accessible on our website at ir.polaris.com.
Joining me on the call today are Mike Speetzen, our Chief Executive Officer; and Bob Mack, our Chief Financial Officer. Both have prepared remarks summarizing the quarter and our expectations for 2022. Then we’ll take some questions.
During the call, we will be discussing various topics, which should be considered forward-looking for the purposes of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projections in the forward-looking statements. You can refer to our 2021 10-K for additional details regarding these risk and uncertainties.
All references to first quarter actual results and 2022 guidance are reported on an adjusted non-GAAP basis, unless otherwise noted. Please refer to our Reg G reconciliation schedules at the end of the presentation for the GAAP to non-GAAP adjustments.
Now, I will turn the call over to Mike Speetzen. Mike, go ahead.
Mike Speetzen
Thanks J.C. and good morning, everyone. Thank you for joining us today. Just as the winter temperatures here in Minnesota have yet to relent, supply chain pressures persisted during the quarter and negatively impacted our results. While demand for our products remains healthy, ongoing supply chain disruptions continue to constrain vehicle shipments.
As a result, our first quarter sales of almost $2 billion were flat versus last year and North American retail sales were down over 20% against a difficult comparison to last year, where retail was up 70%.