Polaris posts strong 1Q results, shares up
Published 10:35 am Wednesday, April 18, 2012
MINNEAPOLIS — Polaris Industries Inc. said Wednesday that its first-quarter profit jumped 27 percent, boosted by strong sales of off-road vehicles and motorcycles.
The Minneapolis-based company also boosted its full-year guidance. Its shares jumped 8 percent in morning trading after rising to its highest level on record dating to 1992.
Polaris reported net income of $60.1 million, or 85 cents per share, for the three months ended March 31, up from $47.3 million, or 67 cents per share, in the same quarter last year.
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Total sales rose 25 percent to $673.8 million from $537.2 million.
The results beat Wall Street predictions. Analysts, on average, expected a profit of 77 cents per share on $615.3 million in revenue, according to a FactSet poll.
Polaris credited the jump in sales to higher industry-wide demand for motorcycles and off-road vehicles, along with market share gains.
Sales of off-road vehicles jumped 30 percent to $504.6 million to $504.6 million, while sales of on-road vehicles, including motorcycles, jumped 44 percent to $64.7 million. Snowmobile sales tumbled 48 percent to $4.6 million, the company said.