Polaris Industries reported a 52% increase in motorcycle revenues over the first quarter of 2014, thanks in large part to the addition of Indian Motorcycles.
Motorcycle sales generated $78.9 million in sales revenue for Polaris, compared to $51.8 million in the same quarter last year. The key thing to remember however, is Indian Motorcycles wasn’t relaunched until late summer, so last year’s first quarter sales were made up almost entirely of Victory Motorcycles.
In fact, Polaris reports a mid-single digit percentage dip in Victory sales in the first quarter, further highlighting the impact Indian has made to the company’s bottom line. More impressively, Indian has yet to hit its stride, as just more than half of the 150 North American dealerships that have signed up have started retailing the new Thunderstroke 111-powered motorcycles. Polaris is also expanding its international dealer network with about 70 Indian dealerships outside of North America.
By the end of the 2014 fiscal year, Polaris expects motorcycle sales to be up from 65-75% over 2013.
Overall, Polaris Industries reported $888.3 million in first quarter sales revenues, up from $745.9 million in the same quarter of 2013. First quarter 2014 net profit totaled $80.9 million compared to $75.5 million.