polaris post strong firstquarter earnings
Amsnow
Medina, Minn. - Polaris Industries Inc. reported a strong first quarter with sales up 22% to $388.7 million, with growth across all its segments.
Snowmobile sales soared 224% to $9.4 million, up from $2.9 million a year earlier when sales were hurt by large dealer inventories and a low-snow winter. In its first-quarter report, Polaris said improved snowfall this past season helped it reduce inventories to their lowest level in 10 years.
Polaris said lower dealer inventories helped the firm cut promotional costs and financing expenses. Polaris also said its parts, garments and accessories business grew 33% and all-terrain vehicle sales grew 19%. Its Victory motorcycle line saw a modest 3% increase.
Net income for the period, ending March 31, was $19.1 million, $12.6 million for income from continuing operations.