Medina-based Polaris Industries Inc. seems to be set on open throttle for growth.
 
On Wednesday, Polaris acquired Sandpoint, Idaho-based Timbersled Products Inc., a leader in what Polaris calls the “burgeoning snow bike industry.” On Thursday morning, Polaris reported strong first quarter results posting record first quarter net income of $88.6 million on sales of $1.03 billion.
 
The company’s first quarter sales reflected a 16 percent gain compared to the first quarter of 2014. Polaris saw sales gains in all of its product lines, except for snowmobiles.
 
Sales of off-road vehicles – which account for more than 60 percent of the company’s sales – were up 11 percent to $645.4 million compared to the first quarter a year ago.
 
Motorcycle sales were up 74 percent to $137.4 million in the first quarter. Sales for all three of the company’s brands – Victory, Indian Motorcycle and Slingshot – were up amid strong consumer demand.
 
First quarter sales of snowmobiles declined 7 percent to $14.5 million.
 
“I am pleased to report record sales and earnings for our 2015 first quarter, with sales up 16 percent, operating income up 19 percent and net income up nine percent, our 22nd consecutive quarter of record earnings performance,” said Scott Wine, Polaris’ chairman and CEO, in a statement on the company’s results. “We outperformed the market again in most of our businesses in spite of increased competitive promotional pressures, weakening global markets and the corresponding negative effect from currencies.”
 
The company’s first quarter results put more gas in the company’s stock.
 
In midday trading, Polaris’ stock was up more than $5 per share, trading at about $146 per share. The company’s market capitalization was approximately $9.7 billion.
 
For 2014, Polaris reported sales of $4.5 billion and net income of $454 million.
 
The Timbersled deal further expands Polaris’ family of products.
 
“We are excited to add the Timbersled brand and team to Polaris’ strong snowmobile business. Timbersled has created a compelling product and revolutionized the sport of snow biking, and we are excited to see what they can accomplish with access to Polaris’ considerable engineering, manufacturing and distribution capabilities,” said Wine, in a statement on the deal. “Their Mountain Horse is the unequivocal choice of snow bike enthusiasts.”
 
Terms of the Timbersled deal were not disclosed. The company will continue to operate as a distinct brand and remain based in Idaho.
 
Twin Cities Business took an in-depth look at the company’s accelerating growth in 2013.