Its third-quarter net income rose to $67.6 million, or 95 cents a share, from $47.2 million, or 69 cents a share, a year ago. Sales jumped 26 percent to $729.9 million, including a 25 percent increase in off-road vehicles such as all-terrain and side-by-side vehicles. The company, which makes off-road vehicles (which account for almost 70 percent of total sales), snowmobiles and motorcycles, expects 2011 profit of $3.10-$3.16 a share on sales growth of 30-32 percent. It had earlier forecast earnings of $5.03-$6.05 a share and sales growth of 25-28 percent.
Polaris recently implemented a 2-for-1 stock split which increased the number of shares outstanding and decreased earnings per share. The company warned that 2012 could be a tough year due to weakness in the economy, but said earnings could still be higher.