Polaris reported a record third quarter including a 78% year-on-year increase in on-road vehicle sales, most of which is from Victory Motorcycles.

According to the Minnesota company’s third quarter report, Polaris recorded a profit of $94.3 million in the three months ended Sept. 30, 2012, compared to a profit of $67.6 million reported in the same quarter of 2011. Off-road vehicle sales continue to drive Polaris’ sales, but the on-road division, consisting of the Victory and Indian motorcycle brands as well as electric vehicle brand GEM and Goupil, continues to make gains.

On-road vehicle sales generated $63.4 million in revenue for Polaris, with a bulk of that coming from Victory. That represents a 78% increase from the $35.7 million reported in the corresponding quarter of 2011. Demand for Victory motorcycles was strong in all of Polaris’ global markets, including North America.

Despite an overall single-digit percent decrease in the North American heavyweight cruiser and touring motorcycle market, Victory saw a 25% increase in unit sales. Outside the continent, Polaris reports a 150% increase in on-road vehicle sales.

On the year, Polaris reports a profit of $224.2 million over three quarters, compared to a profit of $163.7 million in the first nine months of 2011. Revenues for on-road vehicles totaled $192.8 million, up 73% from $111.4 million.

[Source: Polaris]