Polaris Inc. (NYSE:PII) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.63 per share payable on June 15, 2021 to shareholders of record at the close of business on June 1, 2021. Polaris also announced that its Board of Directors has authorized the repurchase of up to $1 billion of the Company's outstanding common stock. This new repurchase authorization replaces the prior Board authorization.
Commenting on the stock repurchase program, Mike Speetzen, interim CEO, said, “Returning cash to our shareholders has been core to our balanced capital allocation strategy throughout the years, which has supported significant value creation for our investors. The continuation of our quarterly cash dividend, coupled with the additional share repurchase authorization we announced today, continues to reflect management and the Board’s confidence in our long-term growth trajectory and financial strength.”
Stock repurchases will be made from time to time in open market transactions at prevailing market prices or by other means in accordance with federal securities laws. The repurchase program has no expiration date and will be funded using the Company's cash on hand, cash from operations, or available credit facilities. As of March 31, 2021, the Company had cash and cash equivalents of $432 million and 61 million shares of common stock outstanding. The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. There is no guarantee as to the number of shares that will be repurchased, and the repurchase program may be extended, suspended or discontinued at any time without prior notice at Polaris’ discretion.
About Polaris
As the global leader in Powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2020 sales of $7.03 billion, Polaris’ high-quality product line-up includes the Polaris RANGER®, RZR® and Polaris GENERAL™ side-by-side off-road vehicles; Sportsman® all-terrain off-road vehicles; Indian Motorcycle® mid-size and heavyweight motorcycles; Slingshot® moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. 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 includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com
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