Polaris Industries Inc. (NYSE: PII) has reported record second quarter net income of $80.0 million, or $1.13 per diluted share, for the quarter ended June 30, 2013, up 15 percent from the prior year’s second quarter net income of $69.8 million, or $0.98 per diluted share. Sales for the second quarter 2013 totaled a record $844.8 million, an increase of 12 percent over last year’s second quarter sales of $755.4 million.
“We are pleased with the strength of our brands and the performance of our team, as they overcame unusually wet weather conditions across North America and sluggish international consumer demand to once again deliver record results," said Scott Wine, chairman and CEO for Polaris. "Retail sales to consumers in North America rose 11 percent in the second quarter, accelerating from softer first quarter results and sequentially reducing dealer inventory ahead of perhaps the most eagerly anticipated new product launch in the company’s history. We also gained market share in our off-road vehicle business, despite increasing competitive pressure. In addition, we expanded gross margin by 120 basis points, driven in large part by increased selling prices and continued product cost reduction efforts.
“The second half of 2013 will be a momentous time for Polaris," he continued. "In the coming weeks, we will introduce some of the most exciting products in our history, which we expect will accelerate retail growth for the remainder of the year and beyond. The much anticipated re-launch of Indian Motorcycles has finally arrived, just a few short years after we purchased the brand in 2011. The motorcycles are gorgeous, the distribution channel is developing nicely and on Aug. 3 at the motorcycle rally in Sturgis, S.D., we will officially bring choice, in the form of the oldest American motorcycle company, back to the motorcycle riding community. While we are extremely enthusiastic about our future in motorcycles, we are equally excited to unveil some of the most innovative off-road vehicles the company has ever developed at our upcoming Dealer Meeting next week. Given continued share gains, and the actual performance of the company in the second quarter, we are again confident in raising our earnings expectations for the full year 2013.”
