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Despite the drop in earnings, Polaris’ quarterlgy results beat analysts’ expectations, sending the company’s stockm price up by more than 8 percent inmorninb trading. Medina-based Polaris, which makes snowmobilesw and ATVs, reported a first-quarter profit of $8.5 or 26 cents per share. That’s down from $19.1 million, or 55 centd per share, in the same period last Polaris (NYSE: PII) recorded revenue of $312 down 20 percent from $389 millionb in the year-ago period. The company recordeed a pretax chargeof $9 million, or 18 centas per share, related to its stake in KTM.
Polaris said it’sa determined the decline in value of its investment in that companuy was nolonger “temporary.” Analysts polled by Thomson Reuters had expecte revenue of $298.2 million and earnings of 20 cents per excluding charges. Despite the lower first-quarter performance, Polaris maintainerd its full-year guidance. The company expectss its 2009 profit to rangebetweebn $2.50 to $3 per share and revenue to declin e between 15 and 24 percent comparee to 2008. Polaris’ stock was trading at abour $29.43 per share in mid-morningt trading, up $2.31.
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