A few minutes ago Polaris Industries Inc.’s (PII) announced its fourth-quarter 2010 earnings.
They rose 24% as sales improved in all product lines and the company topped its own guidance. Sales of off-road vehicles, Polaris’ biggest segment, rose 40%. The on-road division, made up of Victory motorcycles, saw sales rise 8%, while snowmobiles had a 28% rise. Gross margin improved to 27.7% from 27.3%.
Chief Executive Scott Wine said Polaris–a maker of snowmobiles, off- and on-road vehicles and motorcycles–said the company has continued to gain market share and has made investments in China, Brazil and India, among other markets.
For 2011, the company projected earnings of $4.65 to $4.85 on revenue growth of 8% to 11%, in line with Street estimates for $4.75 and growth of 8% to $2.11 billion, respectively. Shares closed at $77.71 and were inactive premarket. Shares are up 11% in the past three months.
Polaris Industries posted a profit of $54.5 million, or $1.55 a share, up from $43.9 million, or $1.31 a share, a year earlier. Revenue rose 31% to $618.4 million. The company guided in October for earnings of $1.45 to $1.48 on revenue growth of 22% to 24%.