Polaris Industries reported a 26% increase in net income over the first quarter of 2013, but a 2.9% decline in on-road vehicle sales (comprised almost entirely of Victory and Indian Motorcycles). The company’s first quarter filings report a net income of $75.5 million, up from the $60.1 million reported over the same period in 2012. […]
Polaris Reports Q1 2012 Results
Polaris Industries reported a 44% increase in on-road vehicle sales revenue and a 40% increase in North American Victory Motorcycle unit sales over the first quarter of 2012.
According to Polaris’ first quarter report, its on-road vehicle division (which consists of the Victory and Indian motorcycle brands as well as electric vehicle brands GEM and Goupil) generated $64.7 million in sales revenue, compared to $44.9 million reported in the same quarter of 2011.
Of course, the Polaris didn’t yet own Indian, GEM or Goupil during that quarter last year, so the figures are a bit misleading. Nevertheless, the new acquisitions accounted for just half of the division’s first quarter revenue growth (about $9.9 million). Victory Motorcycles accounted for most of the remaining $9.9 million growth, thanks to a 40% increase in North American unit sales.
The first quarter saw the launch of two new 2013 Victory models, the Victory Hard-Ball and the Victory Judge, helping draw consumers to dealerships.
Polaris also saw a 30% growth in off-road vehicle sales, thanks in large part to strong consumer demand for the Ranger line of side-by-sides. Snowmobile sales were down 48% however.
Overall, Polaris reported a net income of $60.1 million, a new first quarter record. This represented a 27% increase to the net income of $47.3 reported in the first quarter of 2011.
“Our record first quarter results reflect not only the continued strength of our business and solid execution of our strategy, but also a healthy start to the year for our end markets,” says Scott Wine, chief executive officer of Polaris Industries. “Retail sales in the North American off-road vehicle and motorcycle industries are off to their best start in years, and through our innovative products and motivated dealers, Polaris continued to gain market share. We have significant work to do, but as momentum built throughout the first quarter, we gained confidence that 2012 will be another record year for Polaris, as indicated by our increased full year sales and earnings guidance.”