This morning January 28, 2013 before Wall Street opening, Polaris Industries Inc. (NYSE: PII) reported record fourth quarter net income of $1.56 per diluted share for the quarter ended December 31, 2013, an increase of 26 percent compared to the prior year’s fourth quarter net income of $1.24 per diluted share. Net income was $108.7 million for the fourth quarter of 2013, up 23 percent from the previous fourth quarter’s net income of $88.1 million. Sales for the fourth quarter of 2013 totaled a record $1,083.7 million, an increase of 20 percent over last year’s fourth quarter sales of $900.6 million.
Motorcycle division sales, which include both Victory and Indian motorcycles, increased 94 percent in the 2013 fourth quarter to $68.8 million due to the initial shipments of the new model year 2014 Indian motorcycles. Consumer retail demand for the Polaris motorcycle division was up over 100 percent with strong initial retail sales for the three all-new 2014 Indian Chief models and continued strong demand for Victory motorcycles with retail sales up in the mid-single digits percent range in North America. Fourth quarter North American industry heavyweight cruiser and touring motorcycle retail sales were up low-teens percent over 2012, driven by an unprecedented number of new product introductions in 2013, which includes three new Indian Motorcycle models. The Indian Motorcycle re-launch plan continued during the 2013 fourth quarter as an increasing number of dealers began retailing the brand new motorcycles, production volume accelerated at the Spirit Lake, Iowa manufacturing facility and aggressive marketing generated exceptional exposure and attention for the brand. Indian Motorcycle is building momentum in its quest to re-establish the brand’s legacy in the motorcycle industry. Sales of Polaris motorcycles outside of North America increased 52 percent in the fourth quarter of 2013 as compared to a year ago. For the full year 2013, Polaris motorcycle sales increased 12 percent compared to the prior year.
Scott Wine, Polaris’ Chairman and Chief Executive Officer commented: “The past year was one of the most transformative in the Company’s history, as we introduced more new products than ever before, concluded a strategic acquisition, and continued the development of our global operational footprint. These and other milestones helped us attain our first $1.0 billion dollar sales quarter, and we enter 2014 poised to extend our established record of innovation and success.”