Polaris Industries and Victory Motorcycles released their third quarter sales report, and things are looking good for the Minnesota based company. Polaris had a record third quarter in 2011 with sales up 25% from Q3 in 2010.
The motorcycle company, which recently required Indian Motorcycles, saw sales growth in every one of its product lines and geographic regions, which brought the company a net income increase of 43% in Q3 to a record $67.6 million.
"Despite challenging economic conditions, we are pleased to report another record quarter of sales, net income and earnings per share," said Scott Wine, Polaris' Chief Executive Officer. "I am exceptionally proud of how the Polaris team continued to drive growth and productivity in the third quarter. Each of our businesses experienced strong sales growth in the period, primarily driven by sustained market share gains. North American consumer retail demand for Polaris products remains vital, increasing 16 percent. We also once again improved our profitability, with healthy gross profit margin and net income margin increases when compared to last year."
Because of the successful Q3, Polaris is increasing its outlook for the 2011 year. The company expects to grow in the range of 30 to 32% from 2010.
"Given our year-to-date results, the positive momentum exhibited by our businesses, and the strong performance of our 2012 model year products introduced earlier this year, we are raising our full year 2011 sales and earnings expectations," Wine said. "We expect 2011 will be a record year for Polaris, demonstrating our commitment to making growth happen in spite of adverse economic conditions.
"Looking ahead to 2012, we expect the overall economic climate to remain challenging. However, we believe our business is well positioned to offset these headwinds, as we continue to execute our successful long-term strategy, invest in product innovation, and seize additional opportunities to sustain our momentum. While our current success means the sales and earnings comparisons will be much tougher in 2012, at this early stage we expect to have another year of increasing sales, net income and earnings per share."