First Quarter 2014 Highlights:
Sales increased 19% to $888.3 million, setting a new record for the first quarter.
Operating income increased 24% to $126.7 million during the 2014 first quarter.
Raising guidance for full year 2014 earnings to a range of $6.30 to $6.45 per diluted share from continuing operations, an increase of 17% to 19% over 2013 based on projected full year 2014 sales growth of 14% to 16%.
MINNEAPOLIS--(BUSINESS WIRE)--Apr. 23, 2014-- Polaris Industries Inc. (NYSE:PII) today reported record first quarter net income of $80.9 million, or $1.19 per diluted share, for the quarter ended March 31, 2014. By comparison, 2013 first quarter net income was $75.5 million, or $1.07 per diluted share. Net sales for the first quarter 2014 totaled $888.3 million, which represents an increase of 19 percent from last year’s first quarter sales of $745.9 million.
“I am extremely pleased to report record sales and earnings for our 2014 first quarter, which represents the 18th consecutive quarter of record earnings performance. Our broad and diversified product and brand portfolio has Polaris off to yet another strong start, with first quarter sales up 19 percent led by continued excellent performance from our Off-Road Vehicles (“ORV”) business and rapid growth within our motorcycle, small vehicle and PG&A businesses in both North America and internationally,” commented Scott Wine, Polaris’ Chairman and CEO.
“We remain true to the long-term corporate strategy to become a customer-centric, highly profitable $8 billion global enterprise, and made solid progress in the quarter towards each of our strategic growth objectives. We are intensifying our efforts to improve all that we do through Lean and our teams are further strengthening our powerful portfolio of brands. Product innovation is at the forefront of this initiative, highlighted by the first quarter introduction of the revolutionary Sportsman ACE™, which garnered initial interest exceeding even our high expectations. Additionally, during the quarter, we unveiled nine snowmobiles featuring the all-new model year 2015 AXYS™ platform, which gives the rider unrivaled control. And we expanded the breadth and reach of our PG&A business with this month’s acquisition of Kolpin Outdoors, Inc., a highly respected powersports aftermarket products company. To support these new additions and our entire portfolio of brands and products, we are excited about the January announcement that Tim Larson will lead our enhanced and streamlined customer experience, which includes the merging of our sales and service operations, corporate marketing and interactive group into a unified global customer excellence team.”
Wine concluded, “2014 marks Polaris’ 60th year of bringing innovative products to our consumers. From our humble origin as a small snowmobile company in northern Minnesota, Polaris has evolved into a multi-national Company that builds numerous industry leading products and is on track to generate over $4 billion in annualized sales. With our solid start to the year and a number of additional new innovative product introductions expected later this year, we are raising our 2014 full year sales and earnings guidance.”