Polaris Industries Inc. said its normalized net income for the fourth quarter was 92 cents per share, compared with the S&P Capital IQ consensus estimate of $1.17 per share.

EPS declined 35.3% year over year from $1.42.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $59.0 million, a decrease of 37.5% from $94.4 million in the prior-year period.

The normalized profit margin fell to 4.8% from 8.4% in the year-earlier period.

Total revenue grew 10.1% year over year to $1.24 billion from $1.12 billion, and total operating expenses climbed 17.1% from the prior-year period to $1.13 billion from $964.4 million.

Reported net income declined 43.4% from the prior-year period to $62.6 million, or 97 cents per share, from $110.5 million, or $1.66 per share.

For the year, the company's normalized net income totaled $3.09 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.46.

EPS declined 51.3% from $6.35 in the prior year.

Normalized net income was $201.4 million, a decline of 53.0% from $428.6 million in the prior year.

Full-year total revenue decreased on an annual basis to $4.60 billion from $4.79 billion, and total operating expenses rose year over year to $4.24 billion from $4.07 billion.

The company said reported net income declined 53.2% year over year to $213.1 million, or $3.27 per share, in the full year, from $455.5 million, or $6.75 per share.