Polaris Industries Inc. said its normalized net income for the fourth quarter was $1.42 per share, compared with the S&P Capital IQ consensus estimate of $1.64 per share.

EPS decreased 23.2% year over year from $1.85.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $94.4 million, a decrease of 25.4% from $126.5 million in the prior-year period.

The normalized profit margin dropped to 8.4% from 9.8% in the year-earlier period.

Total revenue fell 13.2% year over year to $1.12 billion from $1.29 billion, and total operating expenses fell 11.1% on an annual basis to $964.4 million from $1.08 billion.

Reported net income decreased 18.1% on an annual basis to $110.5 million, or $1.66 per share, from $134.9 million, or $1.97 per share.

For the year, the company's normalized net income totaled $6.35 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $6.73.

EPS was $6.41 in the prior year.

Normalized net income was $428.6 million, a fall from $437.1 million in the prior year.

Full-year total revenue increased 5.4% from the prior-year period to $4.79 billion from $4.54 billion, and total operating expenses increased 6.4% year over year to $4.07 billion from $3.83 billion.

The company said reported net income totaled $455.5 million, or $6.75 per share, in the full year, compared with $453.7 million, or $6.65 per share, the prior year.