Polaris CEO frets over economy after Covid-19 drove blowout quarter1 min read . Updated: 29 Jul 2020, 12:30 PM IST
Polaris cut jobs and loaded up on cash to weather the Covid-19 crisis earlier this year, only to see demand surge as consumers flocked to socially distant outdoor activities.
Polaris Inc. is one of the few companies to benefit from pandemic-related shutdowns, but Chief Executive Officer Scott Wine isn’t celebrating.
Offering consumers relief from coronavirus-induced cabin fever helped the maker of snowmobiles, off-road vehicles and motorcycles post blowout second-quarter earnings Tuesday that beat the highest analyst estimate and lift earnings guidance for the full year.
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Still, the company’s CEO is cautious about the outlook.
“The risk we have is not really the pandemic because in a weird way the pandemic helps us," Wine said in an interview. “I am very concerned about the economy, the election, rhetoric with China -- that’s more of a concern for us than anything else right now."
He said Polaris expects “moderate growth" in the second half of the year.
The Medina, Minnesota-based company cut jobs and loaded up on cash to weather the viral storm earlier this year, only to see demand surge as stir-crazy consumers flocked to socially distant outdoor activities.
Shares of the company rose 7.4% to close Tuesday at $105.26, the highest in nearly two years.
This story has been published from a wire agency feed without modifications to the text.