Polaris Reports Q1 2011 Results
Victory sales up 77%
On-road vehicle sales, comprised primarily of Victory Motorcycles, totaled $44.9 million over the three months ended March 31, 2011, an increase from the $25.4 million reported over the same quarter in 2010. Victory Motorcycles helped Polaris Industries gain an overall record first quarter net income of $47.3 million, a 139% increase from the $19.8 million profit reported in the first quarter of 2010.
While North American sales were down slightly, Victory sales were up in the rest of the world, with international shipments increasing 59% from the first quarter of 2010.
“We are extremely pleased with our first quarter results, as the momentum we built throughout 2010 continued into 2011,” says Scott Wine, chief executive officer of Polaris Industries Inc. “Retail demand for Polaris products in North America remained strong throughout the first quarter and we continued to gain market share. Our International business also remained strong with sales increasing 21 percent and we celebrated the grand opening of our European headquarters in Switzerland during the quarter.”
Polaris also announced the acquisition of Indian Motorcycle which will join Victory in Polaris’ on-road vehicles division.
“In addition to our strong first quarter results, we are excited to announce the completion of the purchase of Indian Motorcycle Company, the maker of America's first motorcycle,” says Wine. “This transaction will complement and enhance our on-road product portfolio, and afford Polaris the opportunity to bring our world-class engineering, manufacturing, and distribution capabilities to an iconic American brand in the heavyweight motorcycle market.”
Polaris also announced it will save 50 assembly jobs at its engine manufacturing operations in Osceola, Wis. Polaris had previously announced plans to close the Osceola plant and lay off 515 workers as production moves to a new factory in Monterrey, Mexico. The 50 retained positions in Osceola will be for snowmobile and motorcycle engine assembly.
Polaris Acquires Indian Motorcycle