Polaris Voluntarily Recalls Certain Off-Road Vehicles
April 13 2017 - 11:35AM
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 PolarisPolaris 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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version on businesswire.com: http://www.businesswire.com/news/home/20170413005827/en/
Polaris Industries Inc.Richard Edwards, 763-542-0500
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