Polaris Industries reported its fifth consecutive record for annual sales and earnings including an impressive 59% increase in motorcycle sales revenue.
“2014 marks our fifth consecutive year of double digit sales and earnings growth, an accomplishment which testifies to the innovative spirit and dedication of the 8,000 member global Polaris team,” says Scott Wine , Polaris’ Chairman and Chief Executive Officer. “It is inspiring to see how they overcame obstacles ranging from negative foreign exchange impacts and a weakening European economy, to highly volatile oil and crop prices, to record a 19 percent increase in both sales and net income for the full year 2014. During the year, we added over thirty new vehicles to the Polaris armada, expanding and strengthening our portfolio with our largest ever new product introduction, while our strategic acquisitions and significant investments in our global manufacturing infrastructure allow us to both create and meet the increasing demand for our products.”
Building on the momentum of the Indian Motorcycle relaunch, improved demand for Victory Motorcycles and the introduction of the three-wheeled Slingshot, Polaris reported $348.7 million in sales revenue from its motorcycle segment, up from $219.8 million reported in 2013. The motorcycle division finished 2014 on a strong note with $103.5 million in sales in the fourth quarter, a tremendous leap from the $68.8 million reported in the same quarter the previous year. Part of that final surge is credited to the new Indian Roadmaster and Scout which launched in the fourth quarter.
The positive results came in spite of a few setbacks. Polaris reported some delays in motorcycle production due to the adoption of a new paint system, resulting in constrained shipments. Polaris says it has a backlog of dealer and consumer products on all motorcycle products. The problems haven’t stopped in the new year however, with a stop sale and ride order for the Polaris Slingshot for an impending recall, but Polaris expects another strong year in 2015, projecting growth of 50-65% from its motorcycle division (which now includes Brammo).
Polaris’ off-road vehicle, snowmobile and small vehicles divisions also saw growth in 2014, as did Polaris’ parts, garments and accessories. Overall, Polaris reported $4.48 billion in sales revenue and a net profit of $454.0 million.