Polaris Suspends Some Operations, Withdraws Guidance
March 23 2020 - 1:01PM
Dow Jones News
By Colin Kellaher
Polaris Inc. said Monday it is suspending operations at some
manufacturing plants and moving to shore up its financial position
due to the coronavirus pandemic, and is withdrawing guidance.
Polaris said it can't meaningfully quantify the impact of the
pandemic on its results, and it is withdrawing the first-quarter
and full-year financial guidance it issued in late January. Polaris
also said it is drawing down additional cash under its revolving
credit facility, postponing capital expenditures that don't impact
near-term programs and suspending its stock-buyback program in a
bid to further increase financial flexibility and liquidity.
The Median, Minn., maker of powersports vehicles said it is
suspending production schedules and plant operations for one week
at six U.S. plants, plus one each in Mexico and Poland.
The company said it has about $450 million in cash on hand, and
roughly $280 million available under its current credit facility,
adding it is exploring access to additional capital with its
lending partners.
Shares of Polaris were recently down 4% to $45.54.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 23, 2020 13:46 ET (17:46 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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