Polaris has record third quarter; snowmobile sales strong
Published Oct 17 2001
Despite the faltering economy, Polaris Industries Inc. turned in
a record third-quarter performance, posting a sales and
earnings increase for the 14th consecutive quarter.
For the quarter ended Sept. 30, net income was $32.2 million,
or $1.38 per share, up 10 percent from a year earlier. Per-share
earnings were slightly below the consensus analysts' estimate of
$1.39, according to First Call. Sales were up 7.4 percent to
$431.1 million.
The Medina-based company credited the strong results to
higher sales of snowmobiles, parts, garments and accessories,
along with lower selling and marketing expenses.
"Although early in the season, retail [snowmobile] sales are off
to a fast start, well ahead of last year's pace, and dealers are
reporting excellent floor traffic," said CEO Tom Tiller.
Polaris said third-quarter sales of all-terrain vehicles were
flat. Personal watercraft sales were up 33 percent during a
seasonally low quarter, partly because of shipment timing at
the end of the season. Victory motorcycle sales were down from
the year-ago quarter, but the company said that was related to
heavier shipments earlier in the season; year-to-date, Victory
sales were up 12 percent.
Polaris shares closed Tuesday at $36.45, up 82 cents.
-- Susan E. Peterson
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