Polaris soars in first quarter

Polaris Industries has reported record a 2013 first quarter net income of $73,6m, up from $58.6m in 2012. Net sales during that period were $727.1m, up 11 per cent from 2012.

"We are pleased that consumers and enthusiasts around the world continued to make Polaris their brand and product of choice during the first quarter of 2013,” said Scott Wine, Polaris' Chairman and CEO.

“While Off-Road Vehicles (ORVs) and motorcycles faced challenging 2012 comparisons, we were again able to outpace the industry and increase market share in both product lines. Our snowmobile business also generated strong retail sales and market share growth during the first quarter.”

Polaris’ long-term strategy has two main strands: growing globally and growing through adjacencies.

“Our acquisition earlier this month of Aixam Mega S.A.S., a profitable European on-road quadricycle business, aligns perfectly with those two objectives and furthers our penetration into the $4b-plus global small vehicles market. Aixam Mega broadens our product line portfolio, complements our GEM and Goupil businesses, boosts our European distribution network, and enhances our competitive advantage in small vehicles.

“Additionally, we finalised the location of our new European manufacturing facility, which will be located in Opole, Poland. This facility will add much needed ORV capacity and serve our European markets with locally designed and manufactured products. The facility should be operational by the fall of 2014."

"During the quarter, we also launched the highly anticipated Polaris Brutus and Bobcat utility vehicles, co-developed with Bobcat. We are pleased with the vehicles' performance and the initial market reaction from dealers and customers has been positive. Shipments to both the Bobcat and Polaris' new commercial channels will begin in April."