Showing strength across all product lines Polaris Industries reported record fourth quarter and full year profits on Wednesday. For the fourth quarter sales increased 26% from 4Q 2010 to $782.0 million and for the full year sales increased 33% from 2010 to $2,656.9 million. Other full year highlights include:
- Increased market share for all product lines
- 39% increase in international sales
- Net income of $227.6 million – 55% more than 2010.
Their Off-Road Vehicle (ORV) segment increased sales 32% over 2010 to $1.82 billion. The segment includes ATVs and side-by-sides. Management reports ATV unit retail sales growing upper single digits percent and side-by-side vehicle unit retail sales increasing about 20 percent over the prior year. Polaris continues to gain market share in each segment. Learn more: Marketwatch.com
Earnings Call highlights:
- The overall ATV market declined low double digits for 2011 while side-by-sides increased low double digits.
- Polaris sales through their partnership with Bobcat increased 60% in 2011.
- Polaris has discontinued their Breeze LSV in light of their GEM acquisition and production of GEMs in their Spirit Lake facility has begun.
- Asia Pacific and Latin America are the key global markets
- Expectations for a slower level of growth for the company and ORV sales for the coming year.
- New products with Bobcat likely in end of 2012 or early 2013
- Strong growth in military segment expected with sales to special forces and in unmanned technology products
Learn more: Seekingalpha.com (call transcript)