POLARIS Industries has reported record first quarter net income of $80.9 million for the quarter ended March 31, 2014, up from $75.5 m in 2013. Net sales for the first quarter 2014 totaled $888.3 million, up 19 percent (from $745.9 m).
“I am extremely pleased to report record sales and earnings for our 2014 first quarter", said Scott Wine, Polaris’ Chairman and CEO. "This represents the 18th consecutive quarter of record earnings performance, with first quarter sales up 19 percent - led by continued excellent performance from our Off-Road Vehicles business and rapid growth within our motorcycle, small vehicle and PG&A businesses in both North America and internationally.”
“We remain true to the long-term corporate strategy to become an $8 billion global enterprise, and we further expanded the breadth and reach of our PG&A business with this month’s acquisition of Kolpin Outdoors.”
Motorcycle division sales increased 52 percent in the 2014 first quarter to $78.9 million due to the shipments of the new model year 2014 Indian motorcycles. Consumer retail demand for Polaris motorcycles, driven by strong Indian Motorcycle retail sales, was up about 50 percent during the 2014 first quarter, while first quarter North American industry heavyweight cruiser and touring motorcycle retail sales were up low-single digits percent from 2013.
Sales of Polaris motorcycles outside of North America increased 140 percent in the first quarter of 2014 as compared to a year ago, driven by strong shipments of Indian motorcycles.
International sales to customers outside of North America totaled $165.1 million for the 2014 first quarter, up 44 percent over the same period in 2013. The increase in first quarter sales resulted from strong sales growth in the Europe, Middle East and Africa region with sales up about 50 percent; over two-thirds coming from the April 2013 acquisition of Aixam, and a 28 percent combined increase in sales to customers in the Asia/Pacific and Latin America regions. Both ORV and motorcycles gained market share outside of North America during the 2014 first quarter.
Gross profit increased 19 percent to $258.4 million or 29.1 percent of sales for the first quarter of 2014, compared to $216.6 million or 29.0 percent of sales in the first quarter of 2013.