On Wednesday April 24, after the bell, Polaris announced its 1st quarter 2013 results. Net income increased 26% to $75.5 million, or $1.07 per diluted share, with sales increasing 11% to $745.9 million, setting new records for first quarter sales and earnings. By comparison, 2012 first quarter net income was $60.1 million, or $0.85 per diluted share. Net sales for the first quarter 2013 totaled $745.9 million, which represents an increase of 11% from last year’s first quarter sales of $673.8 million. There was a decrease in Victory cruisers and touring sales versus 1st quarter of last year attributed to exceptionally warm weather on the US during winter 2012.
“While Off-Road Vehicles (ORVs) and motorcycles faced challenging 2012 comparisons, we were again able to outpace the industry and increase market share in both product lines,” said Scott Wine, Polaris chairman and CEO. “Our snowmobile business also generated strong retail sales and market share growth during the first quarter.”. See performance summary for each Polaris division after the jump.
On-Road Vehicle sales, comprised primarily of Victory motorcycles, but also including Indian motorcycles and GEM and Goupil electric vehicles, decreased 3% from the first quarter 2012 to $62.9 million. North American industry heavyweight cruiser and touring motorcycle retail sales decreased about 10% during the first quarter 2013 when compared to a strong mid-teens percent increase in the 2012 first quarter, which was primarily driven by the unseasonably warm weather in 2012 and a late start to spring in 2013. Over the same period, Victory North American unit retail sales decreased as well, albeit less than the overall industry, resulting in continued market share gains. This year marks the 15th anniversary of Victory motorcycles and to commemorate the occasion, Victory introduced a limited edition 15th anniversary Cross Country Tour, inspired by the first Victory motorcycle ever built. Additionally, Polaris will, as you know, do a full re-launch of Indian Motorcycle later this year.