Thanks, Scott. Good morning everyone.
rallied as First, for team as of as meet to together safely ongoing to our which during out outstanding. short quarter. product to The were possible Polaris I echo nothing strong the door and Scott's demand the want enthusiasm consumer results, third quarter get quickly
the improved ORV, motorcycles Third considerably XX% and quarter sales a GAAP prior Shipments year. boats. on across were adjusted basis up and versus
combination in was our of GAAP by year-over-year, for Third higher approximately the associated was XXX financing our $X.XX, costs, expectations. inventory was lower driven factory-authorized lack margins costs and points Operating $X.XX. a per product at mix, by revenue with lower quarter. Adjusted supply constraints. floor by leverage Adjusted and absorption by performance gross lower were share earnings quarter. factories of costs basis clearance the driven a operating quarter basis plan muted logistics quarter, dealer primarily the promotional up Improved expenses $XX per and million approximately as a during earnings share nonessential benefited of we positive along expense This postponement the promotion which quarter. the quarter, the spend the expenses, X% incredible expenditures, were continued XX% into on which growth, up pushed was driven was from of of exceeding fourth in with down the timing
have in which quarter. employee-related of significant many second taken will have fourth approved the actions reversed performance up and operating during improvement, cost Given the the select strategic projects, we quarter ramp the
boats snowmobile, by demand. primarily results, quarterly reporting Foreign had euro. all exchange sales on a ORV, the were the our motorcycles lower up high strong for segment a given and From reported perspective, driven quarter, segment channel. impact up quarter. positive during and decreased increased sales benefited by also driven of increased ORV/snowmobile costs, were and product XX%, in XX% from powersports the promotional industry, boats segments across All the demand considerably third the XX%, which lack motorcycles
Adventures ORV/Snow improved bikes. outperformance mix sales during experienced skewed down PG&A more quarter, continued X% in motorcycles, was mix by Global quarter. sales businesses. by product our market as lower-margin during sales. defense product QX Aixam Aside adjacent motorcycle offset government segments mid-size Polaris our and the was all from and towards driven mix also from was were strong lower commercial, the
canceled commercial impact vehicles, on postponed or have budgets this expenditures, in either Given capital many and XXXX. been the including government pandemic’s year,
sales quarter. Retail wholesale capital poised last sales down result for However, team remaining the improved of were aftermarket for X% right-size The reopen. Aftermarket quarter. four-wheel when stores aftermarket year, remains were X% low remain to retail the down our sales and sales business budgets in government a X% the at and quarter as TAP a commercial, with businesses and sales parts continues other as the were during defense spot begin flat The availability. up capitalize profitability. during to up to growth bright inventory sales TAP, TAP to
accessories. by quarter, sales parts X% PG&A driven XX% Our international motorcycles About improved a came and sales. during increased sales rates. mostly by for currency lastly, from during demand, whopping of parts, quarter, and were snow, retail a-quarter up and garments driven growth ORV, the accessories strong our strong primarily the And the
our to guidance XXXX. for on Moving
stronger-than-anticipated guidance X% XXXX Given have the the third the year. growth to we increase to quarter, and increased total company for X% sales our now range in expect performance in versus sales
segment X% I'll segment a minutes. previous by few down our guidance recall to specifics will was cover You the in flat sales versus XXXX.
to floor are per $X.XX to pre-COVID We diluted adjusted XXXX plan expect exchange and guidance rates are share our costs, our These and partially promotions per is supply benefits The earnings costs logistics driven lower for financing improved by be by in of expense management. now share, in earnings and higher higher manufacturing of volume, offset $X.XX related significantly and chain range operating year increase foreign and guidance increasing inefficiencies efficiencies. full levels. the excess to
our exception of Moving the line. P&L, unchanged down as shown the previously operating at additional guidance current the the the ranges expense on with generated issued slide, remain leverage
monitor while in We adding our our certain operating back of select continue projects. current pandemic, spending ongoing face the on strategic to the performance based and expenses
is exchange Foreign for better anticipated year. to than also the be expected previously
of our additional to tariffs costs, tariff closely minimize for X, XXX well detail $XX approximately through costs tariff the aggressively lower China Lists We our tariff monitor total million, $XX While the ways refunds it's and a is million, of to the than retaliatory time, now X process. full exemption we Year-to-date, in discussed due totaled we year approximately all for proactive tariffs EU mitigation to to to impact. the pursuing net as amount receipt we the of haven't primarily some ongoing refunds expect continue small impact efforts. which as received previously something their exemptions anticipated while
update While I'm year, expired XXXX, have provide on in a remind end earnings exemptions the not that and I you an January. our at or the providing either we'll of view call will our would by expire
revenue I shipments the keep timing quarter, as in of we negatively coupled do mix is Lastly, that $XX impacts quarter. expected around the favorability from the QX million with while And strategic the the fourth as deferred in investments mind promo math fourth growing earlier, mentioned you of in gross sequentially, the margin.
segment. by expectations sales to on Moving
better lower the All seeing sequential same expected of our profitability guidance. million, to improved finished period year, BXB consumer-focused to segment. third and at improvement, to business working over slower in compared operating requirements Year-to-date, we're by albeit our – perform quarter business driven last a the even capital cash pace. at XX% cash issued of growth. The previously up latter, $XXX generate sales and portion are our flow the businesses continues than But
last full flow performance, to now the cash range year-to-date in mid-XX% be year expect flow up our we Given year. to compared cash
EBITDA, as leverage approximately bank defined to ratio, Our times. total X.XX improved debt to sequentially
with on borrowing is liquidity capacity hand quarter of the $XXX $XXX at just under Our end and the of strong revolver. million available on cash our of million
uncertainty continued With capital global broader the I'll the to flexibility some that, over year. will for turn Given in with the we of our economy, it final thoughts. maintain remainder Scott for back
