- Adjusted EPS was $0.40, down year-over-year but ahead of consensus expectations.
- Dealer inventory is down 17% year-over-year excluding snowmobiles, with healthier levels across most product categories.
- Generated approximately $320 million in operating cash flow and $290 million in free cash flow, highest Q2 operating cash flow since 2020.
- Gross margin declined due to mix and promotions, with warranty costs lower due to quality focus.
- Margins were pressured by negative mix, incentive compensation, and elevated promotions, but operational efficiencies and quality initiatives are improving results.
- Off-Road sales declined 8%, On Road sales down 1%, and Marine sales up 16%.
- Recognized a noncash goodwill impairment charge related to On Road segment due to continued decline in financial performance.
- Second quarter adjusted sales declined 6%, primarily due to planned shipment reductions and elevated promotional activity.
- Shipments were down just 4%, better than expectations in April, with retail flat year-over-year and share gains across every segment.
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