MINNEAPOLIS, Minn. – Second quarter sales at Polaris Industries Inc. were up 12 percent from the same quarter last year, and with the introduction next week of the 2014 Indian Chief and some new off-roaders, CEO Scott Wine says he's optimistic about the rest of the year.
“The second half of 2013 will be a momentous time for Polaris. In the coming weeks we will introduce some of the most exciting products in our history, which we expect will accelerate retail growth for the remainder of the year and beyond,” he said.
“The much anticipated re-launch of Indian Motorcycles has finally arrived, just a few short years after we purchased the brand in 2011," he continued. "The motorcycles are gorgeous, the distribution channel is developing nicely and on Aug. 3 at the motorcycle rally in Sturgis, South Dakota, we will officially bring choice, in the form of the oldest American motorcycle company, back to the motorcycle riding community.”
And then there is the July 29 rollout of the new RZR, rumored to be a 1000cc vehicle. “While we are extremely enthusiastic about our future in motorcycles, we are equally excited to unveil some of the most innovative off-road vehicles the company has ever developed at our upcoming dealer meeting next week,” Wine said. “Given continued share gains, and the actual performance of the company in the second quarter, we are again confident in raising our earnings expectations for the full year 2013.”
For the full year 2013, the company increased its earnings guidance; it now expects earnings to be in the range of $5.20 to $5.30 per share, an increase of 18 to 20 percent over full year 2012 earnings of $4.40 per share. Full-year 2013 sales are expected to grow in the range of 13 percent to 15 percent from 2012.
Sales for the second quarter 2013 totaled $844.8 million, an increase of 12 percent over last year’s second quarter sales of $755.4 million. Second quarter net income of $80 million, or $1.13 per share, was up 15 percent from the prior year’s second quarter net income of $69.8 million, or 98 cents per share.
“Retail sales to consumers in North America rose 11 percent in the second quarter, accelerating from softer first quarter results and sequentially reducing dealer inventory ahead of perhaps the most eagerly anticipated new product launch in the company’s history,” Wine said. “We also gained market share in our off-road vehicle business, despite increasing competitive pressure. In addition, we expanded gross margin by 120 basis points, driven in large part by increased selling prices and continued product cost reduction efforts.” (continued)