Polaris Industries reported a 74.1% increase in motorcycle sales revenue. According to the company’s first quarter 2015 report, the Indian and Victory brands, as well as the three-wheeled Polaris Slingshot, combined to rake in $137.4 million compared to $78.9 million in the same quarter of 2014.
Both Indian and Victory reported sales increases over the quarter, with Polaris claiming a 40% increase in customer retail demand while Slingshot sales also exceed expectations. Most of this success is due to the North American market as sales outside the continent were down 12% due to the strengthening U.S. dollar.
While Polaris’ motorcycle operations did well, it could have been much better. The adoption of a new paint system delayed production with Indian Scout shipments only beginning shipments late in the quarter. The new paint system is now fully operational and Polaris says progress is accelerating to meet a significant backlog of orders for all three brands.
Polaris expects its motorcycle businesses to maintain momentum through the year, forecasting a 55%-70% increase over 2014 sales total of $348.7 million.
Overall, Polaris Industries reported a net profit of $88.6 million over the first quarter compared to a profit of $80.9 million in the same quarter last year.