Polaris Industries Inc. (NYSE: PII) slid early on Monday following an update to its full-year guidance. The company expects that its 2016 earnings per share (EPS) to be in the range of $3.30 to $3.80, which is about $2.50 to $2.70 lower than previously expected. About two-thirds of this amount was expected to be incurred in the third quarter.

Apart from this, the company also expects that full-year sales will be down in the mid to high single-digit percentage range, versus the previously issued guidance of flat to down 2%.

Consensus estimates from Thomson Reuters call for $6.01 in EPS and $4.65 billion in revenue for the 2016 full-year. The numbers from 2015 came out to $6.75 in EPS on $4.72 billion in revenue.

The earnings revision is related to the margin impact from delayed model year 2017 shipments, including the high margin RZR Turbo vehicles, as Polaris revalidated its new model line-up and protects dealer inventory levels, along with correspondingly lower sales of the high-margin Parts, Garments and Accessories business. Higher promotional and customer appreciation costs played into the drop as well.

Scott Wine, chairman and CEO of Polaris, commented on the update:

Our number one priority is to get our loyal owners back to riding safely. We share the frustration of our customers and dealers and we are working diligently to expedite the completion of the recall repairs and significantly improve the quality and safety of our products. We are providing increased support to our dealers and RZR owners so they can complete the necessary repairs with minimal disruption. We have engaged outside engineering experts to help accelerate the remediation process, we are sending additional repair technicians into the field to assist our dealers, and we have created a new independent safety and quality function reporting directly to me. Additionally, we are pleased that the vast majority of our model year 2017 products have begun shipping, after undergoing a thorough internal and external review to identify and address any potential safety risks. While we are disappointed with our recent performance, our team is aggressively driving improvements that will make Polaris a better and stronger company.

Excluding Monday’s move, Polaris has underperformed the broad markets, with the stock down 4% year to date. Over the past 52 weeks, the stock is actually down 35%.

Shares of Polaris were last seen down 7.8% at $74.54, with a consensus analyst price target of $99.33 and a 52-week trading range of $67.80 to $131.71.

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