Polaris reports 19th consecutive record quarter

Polaris continued its streak of record quarters reporting a record 21% increase in net income to $96.9 million for the second quarter compared to $90 million for prior year. Sales increased 20% to $1,014 million compared to $844.8 million in prior year setting another record for the quarter.

"Next week we will celebrate our 60th anniversary and further enhance our innovation profile with the unveiling of our model year 2015 products for ORVs, motorcycles and the much anticipated Slingshot vehicle," said Scott Wine, Polaris’ Chairman and Chief Executive Officer.

Snowmobile sales totaled $6.1 million for the 2014 second quarter compared to $8.5 million in 2013's second quarter a 27% decrease. Snowmobile sales in the second quarter are routinely low being the off-season. For the first six months, sales dipped 6% from $23.18 million in 2013 to $21.73 million.

Off-Road Vehicles sales increased 13% from the second quarter to $701.5 million from $619.2 million the previous year’s quarter. For the first six months sales were up 12% to $1,304 million from $1,160 million in 2013.

On-Road Vehicle sales are separated into Motorcycles and the Small Vehicles division.

Motorcycle sales were up 107% to $103.1 million in the second quarter of 2014 compared to last year’s $49.9 million in the second quarter. Sales for the first six months were up 79% to $182 million compared to $101.67 million for 2013. A strong demand for the 2014 model year Indian motorcycles was attributed for the increase.

Small Vehicles sales increased 29% to $43.5 million compared to $33.7 million second quarter. All three businesses, Aixam Mega, GEM and Goupil had increases in sales.

Parts, Garments and Accessories sales increased 20% to $159.7 million during the second quarter of 2014 as compared $133.5 million to same period last year. For the first six months sales were up 20% to $312.3 million compared to $260.6 million the previous year.

Polaris gross profit increased 21% for the quarter to $304.9 million compared to $252.3 million previous year. The negative currency movements of the Canadian dollar and weaker product mix were more than offset by lower product costs and higher pricing.

For the full 2014 fiscal year sales are expected to increase 16 to 18% over full year 2013 sales.