Polaris Industries reported record net income for the second quarter of $69.8 million, up 43% from last year’s second quarter net income of $48.7 million.
During the second quarter sales reached a record $755.4 million, up 24% from 2011’s second quarter sales of $607.9 million.
Scott Wine, Polaris’ Chief Executive Officer, commented, “While the weak U.S. economy and likely recession in Europe are concerning, we continue to see strength in our core North American Powersports business. The strong second quarter results were driven by solid strategic execution combined with end-market demand that is healthier than a year ago.”
Polaris’ North American retail sales increased 17% due to strong demand for the company’s innovative products and continuous growth in the motorcycle and off-road vehicle markets. The off-road vehicles business increased sales by 20%, while the on-road vehicles were up 110%.
Polaris also announced a JV with Eicher and the plan to introduce several new models in 2013, which will be unveiled next week at the company’s dealer meeting. Due to unexpected performance in the first half of this year, Polaris now expects full year earnings of about $4.05 to $4.15 per diluted share, up 27% and 30% compared to last year’s earnings of $3.20 per diluted share.