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Polaris’ snowmobile sales up 247%

Polaris’ snowmobile sales up 247%

“Minneapolis – Polaris Industries says it has broken its sales record for the third straight quarter, reporting record second quarter sales of $607.9 million. That’s a 41% increase from a year ago. It also reported snowmobile sales soared, up 247% for the quarter.

Polaris’ second quarter income was up 90% to $48.7 million from $25.6 million the prior year. The company improved its cash position, reporting $262.2 million as of June 30, compared to $166.3 million in 2010.

“Given our first half results and the continued strength of our businesses, we are again significantly raising our expectations for sales and earnings for the full year of 2011,” said Scott Wine, Polaris’ chief executive officer.

2011 full year sales are expected to grow 25% to 28%. In the previous quarter, Polaris was expecting year sales growth of 17% to 20% despite the nation’s struggling economy.

Historically snowmobile sales during the second quarter are low. However, Polaris’ snowmobile sales were up 247% to $6.8 million from $2 million in the second quarter of 2010. Sales for the six months ending June 30 were up 110% to $15.8 million from $7.5 million in 2010.

Polaris’ largest segment, off-road vehicles, saw sales rise 41% for the quarter to $482.3 million. This increase reflects North American market share gains for both ATVs and side-by-side vehicles, the firm said. Sales of ORVs outside of North America increased 35%.

Polaris’ on-road vehicle division, primarily Victory motorcycles, increased 99% to $30.9 million. Sales outside of North America, also, increased 34%.

The Parts, Garments and Accessories division saw sales rise 23% to $87.9 million. PG&A increased across all divisions.”

 

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Source: http://cs.amsnow.com/snocs/themes/blogs/sno/post.aspx?WeblogApp=news&y=2011&m=07&d=20&PostName=polaris-snowmobile-sales-up-247

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