Strong ATV sales and a rebound in North American demand catapulted Polaris second quarter earnings up 90 percent to $48.7 million.The maker of ATVs, motorcycles, snowmobiles, and accessories saw sales growth across all product lines during the quarter and reported earnings that leapt well beyond analysts expectations. On average, analysts expected $1.18 per share for the quarter. The Medina-based manufacturer reported $1.37 a share for the quarter.
The solid quarterly results prompted officials to raise earnings expectations for full year 2011 to $5.93 to $6.05 a share, which is an increase of 39 percent to 41 percent over 2010 results.
Quarterly sales rose 41 percent to $607.9 million on greater demand and higher prices.
CEO Scott Wine noted that the company's Monterrey, Mexico plant is now online, a move that should help cut production expenses as it moves several operations from Osceola, Wis. to Mexico.
Wine also announced that Polaris will launch several new products for its 2012 line up beginning next week. The company recently announced that it is buying Indian Motorcycle Co. and Global Electric Motorcars.
Polaris now expects full year 2011 sales to rise 25 to 28 percent above 2010.
The stock was up $8.03 to $120.91 shortly after the market opened.Dee DePass • 612-673-7725
