Polaris Industries Inc. today reported record third quarter net income of $155.2 million for the quarter ended September 30, 2015, an increase of ten percent from the prior year’s third quarter net income of $140.8 million. Earnings per share were a record $2.30 per diluted share for the third quarter of 2015 compared to $2.06 per diluted share for the same period in 2014. Sales for the third quarter 2015 totaled a record $1,456.0 million, an increase of 12 percent over last year’s third quarter sales of $1,302.3 million.
The Third Quarter Highlights: • Polaris Sales increased 12% year-over-year to a record $1,456.0 million (up 16% in constant currency)•North American retail sales increased 7% year-over-year • Net income increased 10% to $155.2 million year-over-year • Motorcycle consumer retail demand remained strong in the third quarter, up over 60%; motorcycle production rate improved sequentially from the 2015 second quarter • Maintaining and narrowing full-year 2015 sales and earnings guidance range to $7.37 to $7.42 per diluted share, an increase of 11% to 12% year-over-year based on full-year 2015 sales growth guidance of 10% to 11%
“Our record third quarter results continue to reflect the efficacy of our long-term strategy and the resiliency of the Polaris organization, as motorcycle growth accelerated, ORV share gains continued and our developing adjacencies built momentum. We accomplished this in a difficult environment, with the combination of weakening currencies and softening economies adding to the pressure we face from the sluggish oil and agriculture markets, all in the midst of the most competitive powersports landscape we have seen in nearly a decade. It is encouraging to see our Polaris team use these challenging times to get better and stronger, while displaying renewed determination to win across all our markets. Polaris has delivered solid financial performance in the first nine months of 2015, and despite facing stiff headwinds that show little sign of abating in the near term, our financial position remains robust and our growth opportunities plentiful.” stated Scott Wine, Polaris’ Chairman and Chief Executive Officer.
Motorcycle sales increased 154 percent to $160.4 million for the third quarter of 2015 compared to same period last year due to continued strong demand for Indian motorcycles and the new Slingshot® roadster. Victory, Indian Motorcycle and Slingshot North American retail sales, combined, increased over 60 percent during the third quarter of 2015 driven by Indian Motorcycle and Slingshot, while North American industry midsize and heavyweight motorcycle retail sales were up low single digits compared to the third quarter of 2014.
Indian Motorcycles retail sales were up significantly in the third quarter with ongoing strong demand for all models. Product availability for Indian motorcycles improved during the 2015 third quarter as the Company continued to increase throughput at its Spirit Lake, Iowa, motorcycle factory. Victory retail sales in the third quarter of 2015 were lower than the prior year partly due to low product availability.
Retail sales for the new Slingshot three-wheeled roadster continued to outpace Company expectations during the third quarter. Polaris North American motorcycle dealer inventories, including Slingshot, during the 2015 third quarter increased about 30 percent compared to the same period in the prior year but remain below levels needed to meet current and backlogged retail demand. Continue reading ‘Polaris Reports Record Third Quarter 2015 Results. Motorcycle Consumer Retail Demand Up Over 60%’