Polaris laying off 100 workers after massive sales drop
Polaris Industries is laying off about 100 workers, half of them in the Twin Cities.
The move came as Polaris reported double-digit drops in sales and earnings in its most recent quarter.
The maker of off-road vehicles and motorcycles says it's been trying to reduce labor costs by 7 percent.
In a conference call with stock analysts, CEO Scott Wine said the company has been hurt by the strong U.S. dollar and an unseasonably warm winter that's cut demand for off-road vehicles and snowmobiles. In addition, he said, the downturn in the U.S. oil industry has hurt.
"The fourth quarter was difficult and disappointing. Results fell short of our original expectations as we delivered the worst year-over-year performance Polaris has had in any year since 2009," he said.
Wine said 2016 looks like another tough year for the power sport-vehicle industry.
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