MINNEAPOLIS--(BUSINESS WIRE)--
Polaris Industries Inc. (NYSE: PII) today announced, in conjunction with
the U.S. Consumer Product Safety Commission, that the Company is
voluntarily recalling certain model year 2015 RANGER 900s due to
faulty fasteners on a heat shield, which could cause the shield to fall
off the vehicle, as well as certain model year 2017 Sportsman ATVs due
to a potentially faulty electronic power steering unit. No injuries have
been reported from any of the recalled units.
The model year 2015 RANGER recall covers 51,000 units and the
model year 2017 Sportsman ATV recall covers a significantly smaller
vehicle population of 3,800 units (~2,300 of which are in dealer
inventory). Both recalls were prompted by data from the Company’s
enhanced post-sales surveillance capabilities, which gives Polaris the
ability to rapidly identify product quality or safety issues in fielded
vehicles. The repair costs for these recall repairs are not material and
were contemplated in the Company’s full year 2017 earnings guidance
issued in January. There have been fewer than 30 reported incidents
involving the recalled vehicles. Parts are in stock and dealers are
prepared to execute repairs, and Polaris expects downtime for riders to
be minimal.
“The safety of our riders is Polaris’ top priority and we strive to
ensure that our design assurance processes, manufacturing and supplier
controls, post-sales surveillance and overall product quality programs
are best in class. While our goal is zero defects in our products, there
will probably always be situations in which recalls are required for
consumer safety; however, we expect the quantity and complexity of our
recalls to moderate as our capabilities improve,” stated Scott Wine,
Polaris Chairman and CEO.
Polaris will release its first quarter 2017 financial results on
Tuesday, April 25, 2017, and will hold a webcast and conference call at
9:00 a.m. Central Time on the same day to discuss the results. The call
will be hosted by Scott Wine, Chairman and CEO; Ken Pucel, Executive
Vice President – Operations, Engineering and Lean; and Mike Speetzen,
Executive Vice President – Finance and CFO. A slide presentation and
link to the webcast will be posted on the Polaris Investor Relations
website at ir.polaris.com.
To listen to the conference call by phone, dial 877-706-7543 in the U.S.
and Canada, or 478-219-0273 Internationally. The Conference ID is
#45015868.
About Polaris
Polaris Industries Inc. (NYSE: PII) is a
global powersports leader that has been fueling the passion of riders,
workers and outdoor enthusiasts for more than 60 years. With annual 2016
sales of $4.5 billion, Polaris’ innovative, high-quality product line-up
includes the RANGER®, RZR® and Polaris GENERAL™ side-by-side off-road
vehicles; the Sportsman® and Polaris ACE® all-terrain off-road vehicles;
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, along with a growing aftermarket portfolio, including
Transamerican Auto Parts. Polaris’ presence in adjacent markets globally
include military and commercial off-road vehicles, quadricycles, and
electric vehicles. Proudly headquartered in Minnesota, Polaris serves
more than 100 countries across the globe. Visit www.polaris.com
for more information.
Except for historical information contained herein, the matters set
forth in this news release, including management’s expectations
regarding 2017 future sales, shipments, net income, and net income per
share, and operational initiatives are forward-looking statements that
involve certain risks and uncertainties that could cause actual results
to differ materially from those forward-looking statements. Potential
risks and uncertainties include such factors as the Company’s ability to
successfully implement its manufacturing operations expansion
initiatives, product offerings, promotional activities and pricing
strategies by competitors; economic conditions that impact consumer
spending; acquisition integration costs; product recalls, warranty
expenses; impact of changes in Polaris stock price on incentive
compensation plan costs; foreign currency exchange rate fluctuations;
environmental and product safety regulatory activity; effects of
weather; commodity costs; uninsured product liability claims;
uncertainty in the retail and wholesale credit markets; performance of
affiliate partners; changes in tax policy and overall economic
conditions, including inflation, consumer confidence and spending and
relationships with dealers and suppliers. Investors are also
directed to consider other risks and uncertainties discussed in
documents filed by the Company with the Securities and Exchange
Commission. The Company does not undertake any duty to any person
to provide updates to its forward-looking statements.
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Source: Polaris Industries Inc.