Polaris Posts Strong Q3 Results, Forecasts Fiscal ’14 Growth
Medina-based Polaris Industries, Inc., reported double-digit earnings increase for its third quarter on Wednesday. The company said earnings climbed 20 percent compared to the same period last year to $140.8 million. Earnings per share also increased by 26 percent to $2.06 a share.
“Amid heightened competition we garnered strong retail sales in all categories,” Polaris Chairman and CEO Scott Wine said in a statement. Polaris’ third-quarter sales totaled $1.3 billion, up 18 percent from last year’s third quarter period ending Sept. 30.
Polaris’ motorcycle division led the way with a 28 percent increase in sales. The increase can be largely associated with the release of the 2015 Indian motorcycle lineup.
“We certainly do feel better than a year or two ago about the Indian brand business,” Wine said in a webcast interview this morning. “Everything is within our expectations, but I don’t expect it to get any easier… Our strong third-quarter results reflect the continued execution of our long-term strategy.”
Polaris introduced more than 20 new off-road vehicles and motorcycles this year, and opened a manufacturing facility in Poland.
“These initiatives are important pieces of the infrastructure we are creating to support our continued growth toward becoming an $8 billion company,” Wine said.
The company also announced the appointment of Ken Pucel as executive vice president of operations, engineering, and lean to help assist with growth strategies in the Europe, Middle East and Africa regions.
For the entire 2014 fiscal year, Polaris said it expects earnings from continuing operations to be in the range of $6.55 to $6.65 per diluted share. It also expects to grow in the range of 17 to 18 percent from last year.
Polaris has already released its model year line-up for 2015, including a three-wheel bike called the Slingshot. According to executives, customer preorders were unusually strong for the newest bike option.