Polaris Industries reported a record net profit of $227.6 million for 2011. Polaris’ on-road arm, which consists primarily of Victory Motorcycles saw a 79% year-on-year increase in sales.
Sales from on-road vehicles, including Victory and Indian motorcycles as well as small electric vehicles from the newly-acquired GEM and Goupil brands, totaled $146.3 million in 2011, compared to just $81.6 million in 2010.
“Our record fourth quarter results were a fitting ending to a year in which we generated record annual sales and earnings and significantly exceeded our initial expectations,” says Scott Wine, Polaris’ Chief Executive Officer. “Our top and bottom-line expansion, and the momentum we are sustaining throughout our business, directly results from our focus on driving innovation, enhancing our product offering, reducing costs, and growth through new global markets and adjacencies.”
According to Polaris, Victory sales in North America increased 20% over the fourth quarter ended Dec. 31, 2011. Outside of North America, Polaris saw a 111% increase in on-road vehicle sales in the fourth quarter, thanks primarily to increased Victory sales and the addition of electric commercial vehicle brand Goupil which Polaris purchased in November.
For 2012, Polaris forecasts further growth. Polaris predicts a five to eight percent increase in sales in 2012 with an increase to net income in the 14%-19% range.