Settlement Resolves All 2016 Outstanding CPSC Late-Reporting
Claims; Company Maintains Full-Year 2018 Earnings Guidance
MINNEAPOLIS--(BUSINESS WIRE)--
Today, Polaris Industries Inc. (NYSE: PII) announced a $27.25 million
settlement with the Consumer Product Safety Commission (CPSC) that
resolves two 2016 late-reporting claims. Additionally, Polaris, in
partnership with the CPSC, initiated a recall on select RZR XP/XP
4 1000 models. Polaris had previously accrued for these items; as such
the Company’s current full year 2018 earnings guidance of $6.00 to $6.20
per diluted share remains unchanged.
“Today's resolution settles these matters with the CPSC. Rooted in our
long-standing commitment to our customers and dealers is our guiding
principle of ‘safety and ethics always’ and a drive to continually grow
and improve as a company, and we have. We are dedicated to leading the
industry, not only in innovation and performance, but in safety and
quality – because we will accept nothing less. I am extremely confident
in the strength of our organization, the quality of our products, and
the 11,000 employees who champion the principles and values that embody
Polaris,” said Scott Wine, chairman and CEO, Polaris.
Over the past two years, the company has centralized its product safety
organization, enhanced its post sales surveillance and analytics, and
invested in industry-leading talent, tools and processes. Polaris
remains vigilant and focused on continually learning and bolstering its
safety and quality practices.
“Polaris is making safety and quality a competitive advantage. As the
result of our comprehensive approach and significant investment, we are
seeing the tangible results of our efforts, both in the quality of
vehicles we are building today and in our approach to preventing,
monitoring and responding to safety matters,” said Ken Pucel, executive
vice president of Global Operations, Engineering and Lean, Polaris.
Customers can visit Polaris.com/ridersafety
to learn more about Polaris’ commitment to its riders, vehicle quality
and safety, and safe riding practices. Polaris also continues to partner
with the CPSC on the safety of its vehicles and to help advance
standards across the off-road vehicle industry.
Polaris strongly encourages its customers to make sure all recalls are
completed. Visit www.polaris.com/en-us/rider-support/off-road-recalls
and enter a vehicle’s VIN to determine if there is an outstanding recall
on the vehicle, or contact Polaris at 800-765-2747 from 7 a.m. to 7 p.m.
CT Monday through Friday.
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 2017 sales of $5.4 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.
Click
here to subscribe to Mobile Alerts for Polaris Industries Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180402005475/en/
Source: Polaris Industries Inc.