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Snowy winter boosts Polaris' 2008 forecast
The Medina-bsaed company saw its first-quarter earnings jump 54 percent.
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Polaris Industries Inc., the United States' biggest maker of snowmobiles and all-terrain vehicles, said first-quarter earnings jumped 54 percent and boosted its full-year forecast. Shares for the Medina-based firm gained 4 percent as the results beat analysts' estimates.
Net income advanced to $19.1 million, or 55 cents a share, from $12.4 million, or 34 cents, a year earlier, Polaris announced Tuesday. Sales climbed 22 percent to $388.7 million. Analysts in a Bloomberg survey expected per-share earnings of 47 cents on sales of $372.5 million.
Greater snowfall in North America during the snowmobile-riding season helped triple sales of the machines from a year earlier, Polaris said. The increased demand cut dealer inventories to the lowest level in a decade and reduced promotion and interest costs.
Full-year earnings will be $3.36 to $3.46 a share, with sales growth of 5 percent to 7 percent, the company said. Analysts expected $3.33 a share, the average of 13 estimates compiled by Bloomberg.
Polaris shares rose $1.72 to $43.22. The shares have lost 9.5 percent this year.
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