Polaris Reports Q3 2011 Results
Polaris Industries announced another record quarter with sales growth across all its product lines including on-road vehicle sales which consist mainly of Victory Motorcycles and Indian Motorcycles.
The Medinia, Minn., company reported $67.6 million in net income for the third quarter ended Sept. 30, 2011, a 43% increase from the $47.2 million reported in the same quarter of 2010. Overall sales brought in $729.9 million, a 26% increase from Q3 2010′s $580.1.
The On-Road division, which consists mainly of Victory Motorcycles, accounted for $35.7 million in sales, a 77% increase from the $20.1 million last year. A large part of that growth came from a 74% increase in overseas sales.
The North American market saw a growth in the “upper-teens percent” over the quarter, a modest result compared to the international sales but still ahead of the overall North American market which saw “mid-single digits percent” growth in heavyweight cruiser and touring motorcycle sales.
Polaris also says the recently-acquired Indian Motorcycles saw a modest amount of sales, as did Global Electric Motorcars, another newly acquired on-road subsidiary.
For the remainder of 2011, Polaris is raising its sales and earnings expectations, forecasting a record year in spite of difficult economic conditions.