year unprecedented drove The ongoing number remained earnings results. comments on morning, leading with has all Mike's The our and Mike look also record I sales good to of to you. and focused company be this generated an working of demand products was Mike in and to for XXXX. and everyone. forward robust performance earlier strong want and joining I'm a reiterate Thanks I team that excited the fronts.
costs, main average inefficiencies sales GAAP quarter percent. per was from quarter sales brought up about segments GAAP volume, was adjusted fourth selling up the earnings from of the year, from partially on by lower at share flooring offset a was with growth basis the versus most rework with on the promotional were mix, and Volume growing benefiting only year's price increased Our factories XX% a all share X% basis $X.XX. challenges. and during and prior the last Fourth a combination fourth growing quarter. double-digit XX% by quarter, per positive Adjusted supply $X.XX, chain up on earnings freight and driver
CEO with to due along of fourth leverage related quarter our reversal both improved prudent to Additionally, year's spending operating stock compared last and expense continued the quarter to benefit compensation $XX million fourth departure.
and For QX impact segments, to up the a the prior QX sales the in and were basis versus the were due XXXX GAAP when year XXXX, COVID-XX of adjusted except year. basis full full year on Full X% our down in closed ORV, the All expectations. for share for impacted Adjusted weeks. shock were a stores GAAP year the our was by share ahead $X.XX. business dealers related earnings on several per well $X.XX, factories, XWP economic of were per our and earnings country, was
plant in supply was containment, indicated, year increased freight our exceeded selling customers customer profit by XX Mike moved offset the challenges. fourth flooring unprecedented EPS quarter, promotional due partly coming from quarter, Adjusted and retail combination inefficiencies. by the of the optimistic operating by logistics product and Similar market as the offset expense factories, the into gross costs and which prices As we for driven lower chain margins mix, benefited by lower repurchases to through the costs, sales the growth somewhat inefficiencies flooring average at full higher year. basis promotions new and volume, rework existing favorable and a increased the driven to points from positive mix, from assumptions fourth
gross in for find more margin can You detail supplemental of the presentation. profit section this on performance XXXX
and all Turning year by to of introductions second a the significant our in at adjacent of backlog the mix on down pandemic All combination segment prices Global XX% sales up were due new year sales described the which Snowmobile all Boats, for for I and segment in and X% Average year-over-year quarter, Motorcycle On sales Aftermarket ORV, fourth of earlier. order were sales products to grew sales strong a demand, on dealers. performance. for sales fourth basis, exception segments lower XX%. both market the XX%. in and quarter. retail sold the were in product were up continued up due were driven our basis the segments half XX%. were the to ORV full quarter, increased QX. except GAAP strong up a selling quarter adjusted segments fourth and Reported of a Motorcycles both segments follows: as were with basis dynamics the sales increased a sales the
year. the and five Asia-Pacific All approximately as regions quickly our the declined first manufacturing XX% points were slow countries overcome realizing includes rates. related from sales each start in to the and supply While to COVID second and International outstanding in chain worldwide up ORV in double-digit for allowed sales, within Latin strong, throughout year percent the and us embedded were ability plants acceleration the which the up which by constraints down year PG&A sales vehicles sales currency the finish Full to of quarter, sales fourth with X%, year. respective to X% benefit shutdowns also increased demand quarter, supply restart and sales growth. sales our the for for were are the International the complimented grew America International for retail sporadic due percentage foreign quarter, vehicle supply improved. EMEA various vehicle segment.
and year. for during and XX% accessories increased the Our the quarter XX% garments parts, sales full
XXXX to now guidance. Turning
record for strong of XXXX. the momentum XXXX, a coming anticipating year out are we With
the slightly to We sales to gains in strong is will gain year, year. with year. down the range decline year-over-year The into return to continuing anticipate retail the pontoon are XXXX, last single be Powersports our is customer for follows: to expected of full the be Our trends and digits XXXX. the for sales expected a for adjusted high of versus decline industry most also overall XXXX Polaris pontoon market American enjoyed industry share share sales XXXX. the basis, on new up Polaris the are from and as XX% year following we to the The given North includes growth The XXXX for industry growth expected company XX% guidance expected assumptions. business to Total with full
strong strong but size expect retail to and selling in the vehicles half more as we per market of to good the XXXX begins of XXXX an and up than the on to levels, promotional share which value and still XXXX, increase While be prices Powersports is positive incredibly be oriented down remain. markets XXXX back you how to end in our XXXX XXXX expected X% full for average of year. perspective mid we the will to market XXXX XX%. spending to think XXXX retail range a be of year boats, the normalize $X.XX mix be earnings overall increase We the to slightly from Adjusted as anticipate XX%, levels expect year will I versus from XXXX EPS gives adjusted to $X.XX $X.XX, full compared in the less
with than basis, gross be slightly and margins pluses our anticipate better suggests margins. on gross guidance of that is up number performance profit driven profit year-over-year beginning a will our a minuses. However, We by
On expected the vehicles a likely begin smaller plus to needing rework of backlog have as QX. abate constraints are plants side, our supplier manufacturing in to beginning
side, pricing our beginning weeks the the ago, for into vehicles. two designed product are we features announced pricing added On ORV with introductions
now from chain the as into are in In our addition, we initiative third move year its savings supply three program. of phase accelerating
On larger XXXX to place expected detractor the the in be rates are today. side, a tariffs negative at in
year. and Our of which under approximately net will which at approximately expected one were impact tariffs costs the I XXXX. gross the profit The from tariffs the which start approximately ended tariffs increase million, margin be through of disruptions, are to received by earlier, of a $XX bulk profit through we be tariff administration, exclude Also, costs normalize supply tariff and basis modest factors XXXX, our chain points if in to the environment received Biden list our refunds and $XX lack XXX are one-time the exemptions nothing these margin volume rate mentioned of XXXX total, and higher. included. we total would exemptions promotional China If million, gross refunds changes both XXX of increases in last the to as anticipate headwind. amount four with retaliatory you go a as to is In
the state on the We and as about flat are a continue begins with the expenditures policies. canceled items be to as administration to during all and to year employee address year, or cash. undertook height and cost actions these operating to related develops will pandemic focus mitigating the of expenses newest reduce last conserve XXXX. of expenses Adjusted non-essential postponed percentage revenue Remember, we expected
lower Given the strategic increase segments. operating we expected remain back in level. XXXX, allocation XX.X% the projects and expenses availability certain be normalized expected I expected in our operating to the an services throughout retail dilution our share year. in market our Share capital first in wholesale modulate count the to previously decline dollar for to our rate on year. our expected expected plans half plan our the acceptable attractive and more offset XXXX assumptions retail year rate of reduction full be of added buyback offset down, investment somewhat the our via After capital we as Retail our about is income, Interest is expense the stock an about of financing we by focusing investors and XXXX, shortly. remains given by to will income to of The program, to returns in our significantly share debt share to improved respective financing throughout income own partially as to combination expected XX% company dividend, up between repurchases in priorities tax as competitive expenses financial inventory to organic view performance have expenses pivots and is range the be select as back liquidity levels of in continue a reverts investment. compensation position. allocation XXXX a to The from X% XXXX debt repurchase Income XX% financing in levels levels. reinstitution innovate strong is lower more mid-teens postponed projects increase talk from dealer to equates is XXXX. at about reinstatement given increase impacting the from in as which
have the Euro both financials, for are anticipate Canadian above which on we dollar, the currency be have results. largest to positive XXXX rates which currency our impact will assumed and the a Lastly, impact average to levels,
tailwind million. We currency to of profits pretax $XX be expect will approximately a
rate We assuming at planned rate have XXXX, dollar Euro/U.S. $X.XX $X.XX. at average the the and dollar Canadian/U.S.
currency commodity offsetting a are somewhat recently the markets. trading we have While impact these, above rates been seeing with
the the was Given quarterly events unique far of the sales and earnings XXXX, pandemic given cadence impact. normal from
see split half for those production. normal respectively. you approximately me clarity second, are half give split XX% for playing the In the half/second and the pandemic on first year our XX%, impact a demand we how some results year, and Let nuances. given XX% out, first XX% In on and XXXX, that given was this
anticipating first are more half/second a we approximately of back XX% revert XXXX, to normal split. XX%, half cadence For the to split
XXXX, and range a QX second also expectations. of Sales QX a deeper percentage are first Looking first I'd in about XX% for first be first between add EPS XXXX the range between EPS the the half expected about in more in half the cadence change and to that split we evenly of also to into on basis. quarter XX% of QX bit be QX of the with cadence the and normal half anticipate the
more sales increases weighted be half the expect second will in We quarter. towards the third
segment. Now by guidance moving onto sales our
flow as on slide. finished inventory margin gross of our $X.XXX We to cash all segments goods the in On current around in expect be in billion, shown year. we acceptable section See profit a XXXX flow ongoing given reporting to and over to and on expectations. cash this from meet operating finished operating basis. profit anticipate segment flow as margin $X milestone at basis, we XXXX, be exceeding for expectations improve inventory the we to XXXX replenish The a increase of will segments XXXX billion are for slightly over rebuild We XX% a levels. margins presentation sales a levels. Polaris comparable expect down cash demand dealer new drive flat all supplemental the XXXX segment Operating gross more details strong grow or gross XXXX additional by a
for expectations summarize are to remain required transformation deployment that for new supply to Capital Dividends introductions, with to support chain million, our key of Let and increasing our which expect me priorities XXXX. for XX-year company, priority tooling track levels $XXX a to XXXX program the product increase to and shareholders. capital expenditures record a from various includes expected year. trend the strategic initiatives. we consistently dividends continue XXth And approximately
Our debt to total capital ratio of XX% is as down from the anticipated. XXXX ratio of XX%
on reduction and the Our conditions. a XXXX obvious pivot for given focus we in XXXX, in was and cash cash market for reduction outlook of share our debt But and repurchases reasons. preservation debt given the to combination position year, will
Our long-term market flat, the previously in is the of to the for we least keep share XXXX but at out were reasons. noted count goal
XXXX, we $XXX year compensation repurchases impact spend plans. the currently of full stock offset to planning the are dilutive the For approximately to million share help on
some thoughts. dictate. conditions market turn that, I as back over Mike final thinking now will for it our adjust With to will We
