Polaris Inc. released Q2 2021 results with sales of $2,117 million, up 40% from reported sales of $1,512 million for the second quarter of 2020. Polaris net income was $158 million compared with a net loss of $235 million for the 2020 second quarter. “Ongoing robust retail demand requiring little or no promotional assistance, along with favorable product mix and pricing continued to drive improvements in the Company's performance,” according to Polaris.
Off-Road Vehicles (“ORV”) and Snowmobiles segment sales, including PG&A, totaled $1,314 million for the second quarter of 2021, up 38% compared to $953 million for the second quarter of 2020 driven by broad based strength across ATVs, Side-by-Sides and Snowmobile sales. PG&A sales for ORV and Snowmobiles combined increased 31% in the second quarter of 2021 compared to the second quarter last year. Gross profit percentage increased 132 basis points during the 2021 second quarter compared to the prior year due to robust demand and historically low Dealer inventories, which supported lower promotional and floor-plan finance spending, partially offset by higher input costs related to supply chain constraints.
Motorcycles segment sales, including PG&A, totaled $212 million, up 50% compared to the second quarter of 2020, driven by increased sales of Slingshot, Indian Motorcycles and related PG&A. Gross profit for the second quarter of 2021 was $24 million compared to $4 million in the second quarter of 2020. The increase in gross profit margin was driven by increased volume and lower promotional costs, partially offset by increased input costs from supply chain constraints.
2021 Business Outlook: Given the 2021 first half results, and the expected continued solid retail demand and current dealer pre-order sales from consumers, the Company is increasing its full year earnings guidance and now expects adjusted net income to be in the range of $9.35 to $9.60 per diluted share, compared with adjusted net income of $7.74 per diluted share for 2020. Full year 2021 sales guidance was narrowed and is now expected to be in the range of $8,375 to $8,500 million, up 19 to 21%.