RTTNews | Apr 27, 2021 12:30PM EDT

12:30 Tuesday, April 27, 2021 (RTTNews.com) - Minnesota-based motorcycle manufacturer, Polaris Inc.'s (PII) shares dropped 1% on Tuesday despite strong results for the first quarter. The company earnings report featured an increase in all the metrics as the earnings per share comfortably trounced the estimates. The company has also shared a revised outlook for the second quarter.

The net income of the company rose to $134.1 million or $2.11 per share from a loss of $5.4 million or $0.09 loss per share. Excluding special items, the net income was $145.6 million or $2.30 per share. On average, 16 analysts polled by Thomson Reuters saw the earnings to be $1.59 per share.

Net revenues also increased to $1.9 billion from $1.4 billion in the previous year. Analysts had a consensus revenue estimate of $1.86 billion for the quarter.

The company revised its yearly outlook and now expects earnings of $9.00 to $9.25 per share, up from prior estimate of $8.45 to $8.75 per share. The company now sees revenues of $8.3 billion to $8.5 billion, up from prior outlook of $7.95 billion to $8.15 billion. Analysts currently expect earnings of $8.88 per share on revenues of $8.12 billion for the full year.

The shares are presently trading at $144.48, after opening at $139.5 in the morning. In a 52-week period, the price of the shares have ranged from $62.09 to $147.73

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