MINNEAPOLIS, Oct. 26,
2023 /PRNewswire/ -- Polaris Inc. (NYSE: PII)
announced today that its Board of Directors has declared a regular
quarterly cash dividend of $0.65 per
share payable on December 15, 2023 to
shareholders of record at the close of business on December 1, 2023. The Board also authorized a
share repurchase of up to $1 billion
of the Company's outstanding common stock. The authorization is
effective immediately and is in addition to the previous share
repurchase authorization, which was announced in April 2021 which has approximately $204 million remaining under such prior
authorization. Polaris has repurchased 1.4 million shares
year-to-date.
Polaris Chief Financial Officer Bob
Mack stated, "As part of our 2022-2026 financial framework,
we set out to repurchase at least 10% of our outstanding shares of
common stock. We continue to view share repurchases as a prudent
source of capital allocation and this authorization allows us to
deliver on our commitment to our shareholders, while reinforcing
our confidence in our longer-term strategy."
Stock repurchases will be made from time to time and may be
executed through open market transactions or privately negotiated
transactions, or otherwise in accordance with applicable federal
securities laws, and may be suspended at any time. The new
repurchase program has no expiration date and will be funded using
the Company's cash on hand, cash from operations, or available
credit facilities or other debt instruments. The timing and amount
of any shares repurchased will be determined by the Company's
management based on its evaluation of market conditions and other
factors. There is no guarantee as to the number of shares that will
be repurchased, and the repurchase program may be extended,
suspended or discontinued at any time without prior notice at the
Company's discretion.
About Polaris
As the global leader in
powersports, Polaris Inc. (NYSE: PII) pioneers
product breakthroughs and enriching experiences and services that
have invited people to discover the joy of being outdoors since our
founding in 1954. Polaris' high-quality product line-up includes
the Polaris RANGER®, RZR® and Polaris GENERAL™
side-by-side off-road vehicles; Sportsman® all-terrain off-road
vehicles; military and commercial off-road vehicles; snowmobiles;
Indian Motorcycle® mid-size and heavyweight motorcycles;
Slingshot® moto-roadsters; Aixam
quadricycles; Goupil electric vehicles; and
pontoon and deck boats, including industry-leading
Bennington pontoons. Polaris enhances the riding experience
with a robust portfolio of parts, garments, and accessories.
Proudly headquartered in Minnesota, Polaris serves more than 100
countries across the globe.
www.polaris.com
Forward-Looking Statements
This press release contains
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995 related to our plans with respect to
share repurchases, involving, among other things, uncertainties
that could cause actual results to differ materially from those
forward-looking statements. Potential risks and uncertainties
include such factors as our ability to make share repurchases;
business and market conditions; the possibility that the share
repurchase program may be suspended or discontinued; and other
factors identified under "Risk Factors" in Part I, Item 1A of our
Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and updated in the our
subsequent reports filed with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date
they are made, and we undertake no obligation to update them in
light of new information or future events.
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SOURCE Polaris Inc.