Polaris Reports Record Third Quarter 2014 Results; EPS from Continuing Operations Increased 26% to $2.06 on 18% Sales Growth
Company increases full year 2014 EPS guidance
Third Quarter Highlights:
Net income from continuing operations increased 20% to $140.8 million and earnings per diluted share from continuing operations increased 26% to $2.06 compared to the third quarter last year with sales increasing 18% to $1,302.3 million, setting records for third quarter sales and earnings.
North American retail sales grew 12% year-over-year in the 2014 third quarter.
The Company is raising guidance for full year 2014 earnings to a range of $6.55 to $6.65 per diluted share from continuing operations, up 21% to 23% over 2013 earnings from continuing operations based on expected full year 2014 sales growth of 17% to 18%.
Polaris Industries Inc. (NYSE:PII) today reported record third quarter net income from continuing operations of $140.8 million for the quarter ended September 30, 2014, an increase of 20 percent from the prior year’s third quarter net income from continuing operations of $116.9 million. Earnings per share from continuing operations was also a record at $2.06 per diluted share for the 2014 third quarter, up 26 percent from the prior year’s third quarter of $1.64 per diluted share from continuing operations. Sales for the third quarter 2014 totaled a record $1,302.3 million, an increase of 18 percent over last year’s third quarter sales of $1,102.6 million.
“Our strong third quarter results reflect the continued execution of our long-term strategy and broad strength across our industry-leading portfolio,” commented Scott Wine, Polaris’ Chairman and Chief Executive Officer. “Amid heightened competition we garnered strong retail sales in all categories, even as we introduced more than 20 new off-road vehicles and motorcycles and over 300 new complementary accessories for our consumers.”
Wine continued, “Along with industry-leading innovation, we remain focused on improving our operations as part of our evolution into a highly profitable, customer-centric global Lean enterprise. We recently made significant progress toward this goal with the hiring of Ken Pucel to fill the newly formed position of Executive Vice President of Operations, Engineering and Lean. This move was preceded by the grand opening of our manufacturing facility in Poland, which will provide a timely capacity increase, enable us to deliver superior customer service, and ultimately serve as a growth catalyst in the EMEA region. These initiatives are important pieces of the infrastructure we are creating to support our continued growth toward becoming an $8.0 billion company.”