March 23, 2020 / 5:28 PM / 8 days ago

BRIEF-Polaris Withdraws Q1 And Full Year 2020 Financial Guidance

March 23 (Reuters) - Polaris Inc:

* POLARIS PROVIDES BUSINESS UPDATE RELATED TO COVID-19

* POLARIS INC - INCREASED CASH POSITION TO MAINTAIN FINANCIAL STRENGTH AND FLEXIBILITY

* POLARIS INC - WITHDRAWS Q1 AND FULL YEAR 2020 FINANCIAL GUIDANCE

* POLARIS INC - WITHDRAWS Q1 AND FULL YEAR 2020 FINANCIAL GUIDANCE

* POLARIS INC - TEMPORARY SUSPENSION OF OPERATIONS IN SELECT POWERSPORTS MANUFACTURING FACILITIES

* POLARIS INC - IS SUSPENDING PRODUCTION SCHEDULES AND PLANT OPERATIONS FOR ONE WEEK AT SELECT POWERSPORTS PLANTS, EFFECTIVE TUESDAY

* POLARIS INC - SUSPENDING ITS SHARE REPURCHASE PROGRAM

* POLARIS INC - DRAWING DOWN ADDITIONAL CASH UNDER ITS REVOLVING CREDIT FACILITY

* POLARIS - REVIEWING ALL OPERATING EXPENSES AND POSTPONING CAPITAL EXPENDITURES THAT DO NOT IMPACT NEAR-TERM PROGRAMS

* POLARIS - PANDEMIC CONCERNS ULTIMATELY BEGAN TO IMPACT DEMAND, WHICH DROPPED SUDDENLY IN MIDDLE OF LAST WEEK

* POLARIS SAYS CO ADJUSTING OPERATIONS

* POLARIS INC - EXPECT COVID-19 TO HAVE A SIGNIFICANT IMPACT ON 2020 FINANCIAL RESULTS

* POLARIS - AS OF MARCH 20, HAVE ABOUT $150 MILLION IN CASH ON HAND, & ANOTHER ABOUT$280 MILLION AVAILABLE UNDER CURRENT REVOLVER

* POLARIS - EXPLORING ACCESS TO ADDITIONAL CAPITAL WITH LENDING PARTNERS

* POLARIS - CANNOT MEANINGFULLY QUANTIFY IMPACT OF COVID-19 PANDEMIC, LIMITING VISIBILITY TO ACCURATELY ESTIMATE MAGNITUDE ON POLARIS’ RESULTS

* POLARIS - DURING Q1 OF 2020, POLARIS REDUCED SHIPMENTS IN ANTICIPATION OF WEAKER RETAIL DEMAND DUE TO COVID-19 OUTBREAK

* POLARIS INC - HAS ESTABLISHED A NEW COVID PROGRAM UNDER WHICH U.S. EMPLOYEES MAY CHOOSE TO RECEIVE UP TO 10 DAYS OF PAY Source text for Eikon: Further company coverage:

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