Yesterday Tuesday July 23rd, Polaris Industries (PII) released the company’s second-quarter earnings results. Although sales of its Victory motorcycles slumped due to an unusually wet spring while snowmobile sales receded with the end of winter, overall sales climbed 12 percent to $845 million, while net income rose $80 million, or $1.13 per share, 2 cents more than analysts expected. Helping results was a bump in Polaris’ largest division, ATVs (all-terrain vehicles) and side-by-side vehicles, which represent about 73 percent of total sales. ATV sales rose 7 percent and were particularly strong in North America during the quarter.
Polaris also had “significant” growth in its Parts, Garments and Accessories unit and Small Vehicles division during the quarter because of acquisitions. Polaris also enjoyed price increases and cost cuts. Company earnings are now expected to grow to $5.20 to $5.30 a share in 2013, up from $4.40 in 2012. Polaris shares closed Tuesday at $106.02, up 2.45 percent. Year to date, the Polaris Industries share is up 25.99%. Of course, the company is pumped by the August 3rd launch of the all-new Indian Chief. “We expect to generate significant dealer and consumer excitement and orders in the months ahead,” CEO Scott Wine told analysts during a conference call Tuesday. “It is going to be interesting over the next six to eight months.”