Board of Directors approves a 4% increase in the regular quarterly
cash dividend;
Increases share repurchase authorization by
7.5 million
MINNEAPOLIS--(BUSINESS WIRE)--
Polaris Industries Inc. (NYSE:PII) announced today that its Board of
Directors approved a 4 percent increase in the regular quarterly cash
dividend, raising the payout to $0.55 per share. This increase
represents the 21st consecutive year of Polaris increasing
its dividend effective with the 2016 first quarter dividend. The first
quarter dividend will be payable on March 15, 2016 to shareholders of
record at the close of business on March 1, 2016.
Polaris also announced that its Board of Directors has approved an
increase in the Company’s common stock repurchase authorization by 7.5
million shares. The additional share repurchase authorization, together
with the 2.9 million shares remaining available for repurchase under the
prior authorization, represents approximately 16 percent of the shares
of Polaris common stock currently outstanding. The repurchase of any or
all such shares authorized for repurchase will be governed by applicable
SEC rules and dependent on management’s assessment of market conditions.
"Delivering industry-leading shareholder returns remains a top priority
for our Board of Directors and management team. As a result, our Board
has approved an increase to the dividend paid to shareholders for the 21st
consecutive year. Additionally, the Board has approved an increase of
our share repurchase authorization. Given our current valuation and
long-term growth prospects, we believe increasing our buyback activity
currently is an excellent use of Polaris’ strong cash flow," noted Scott
Wine, Chairman and CEO of Polaris.
About Polaris
Polaris Industries Inc. (NYSE: PII) is a
global powersports leader with annual 2015 sales of $4.7 billion.
Polaris fuels the passion of riders, workers and outdoor enthusiasts
with our RANGER®, RZR® and POLARIS
GENERAL™ side-by-side off-road vehicles; our SPORTSMAN® and
POLARIS ACE® all-terrain off-road vehicles; VICTORY®
and INDIAN MOTORCYCLE® midsize and heavyweight motorcycles;
SLINGSHOT® moto-roadsters; and Polaris RMK®, INDY®,
SWITCHBACK® and RUSH® snowmobiles. Polaris
enhances the riding experience with parts, garments and accessories sold
under multiple recognizable brands, and has a growing presence in
adjacent markets with products including military and commercial
off-road vehicles, quadricycles, and electric vehicles. www.polaris.com
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Source: Polaris Industries Inc.