Polaris Industries reported record sales in the third quarter mainly due to dramatic increases in ATV sales for the quarter.
The Medina, Minn.-based maker of ATVs, snowmobiles and Victory motorcycles, posted sales of nearly $544 million, up 11% from a year earlier. Year-to-date sales are nearly $1.24 billion, up just 3% from the same period last year.
Earnings were $39.1 million, or $1.07 a diluted share, up 3% from a year ago. The company also reported it has finished its stock repurchase program, buying back an additional 808,000 shares of its own stock.
The big boost in the quarter, which ended Sept. 30th, came from Ranger RZR ATV sales. The company said demand is outstripping production. ATV sales jumped 15% in the quarter to $353.2 million. For the year, ATV sales are at $857.8 million, up 2%.
Snowmobile sales also edged up 5% to $91.7 million compared with $87.2 million the year before for the third quarter. For the year, sled sales are at $99 million, up 4% from a year earlier.
Polaris' parts, garments and accessories business also is up with sales of $77.5 million, a 13% increase over last year's third quarter. PG&A sales are up 5% on the year to 204.7 million.
The only damper on the Polaris report was a 17% decline in Victory motorcycle sales to $21.4 million for the third quarter. For the year, cycle sales are down 2% at $77 million. The company says it has just begun shipping its new Victory Vision model that it expects will help reverse the decline.
For the full release, go to
www.polarisindustries.com