American Motorcycle Dealer AMD 178 May 2014 | Page 11

Record first quarter
results for Polaris
POLARIS Industries has
reported record first quarter
net income of $80.9 million for
the quarter ended March 31,
2014, up from $75.5 m in 2013.
Net sales for the first quarter
2014 totaled $888.3 million, up
19 percent (from $745.9 m).
“I am extremely pleased to
report record sales and
earnings for our 2014 first
quarter", said Scott Wine,
Polaris’ Chairman and CEO.
"This represents the 18th
consecutive quarter of record
earnings performance, with first
quarter sales up 19 percent led by continued excellent
performance from our Off-Road
Vehicles business and rapid
growth within our motorcycle,
small vehicle and PG&A
businesses in both North
America and internationally.”
“We remain true to the longterm corporate strategy to
become an $8 billion global
enterprise, and we further
expanded the breadth and
reach of our PG&A business

with this month’s acquisition of
Kolpin Outdoors.”
Motorcycle division sales
increased 52 percent in the
2014 first quarter to $78.9
million due to the shipments of
the new model year 2014
Indian motorcycles. Consumer
retail demand for Polaris
motorcycles, driven by strong
Indian Motorcycle retail sales,
was up about 50 percent during
the 2014 first quarter, while
first quarter North American
industry heavyweight cruiser
and touring motorcycle retail
sales were up low-single digits
percent from 2013.
Sales of Polaris motorcycles
outside of North America
increased 140 percent in the
first quarter of 2014 as
compared to a year ago, driven
by strong shipments of Indian
motorcycles.
International sales to customers
outside of North America
totaled $165.1 million for the
2014 first quarter, up 44
percent over the same period in

FIRST QUARTER PERFORMANCE SUMMARY
(in thousands except per share data)

Three Months ended March 31,

Product Line Sales
Off-Road Vehicles
Snowmobiles
Motorcycles
Small Vehicles
Parts, Garments & Accessories
Total Sales

2014
$602,843
15,586
78,867
38,483
152,567
$888,346

2013
$541,272
14,714
51,797
11,059
127,067
$745,909

Change
11%
6%
52%
248%
20%
19%

Gross Profit
Gross profit as a % of sales

$258,417
29.1%

$216,648
29.0%

19%
+10 bps

Operating Expenses
$142,375
Operating expenses as a % of sales 16.0%

$124,753
16.7%

14%
-70 bps

Operating Income
Operating Income as a % of sales

$126,682
14.3%

$101,969
13.7%

24%
+60 bps

Net Income
Net income as a % of sales

$80,901
9.1%

$75,464
10.1%

7%
-100 bps

Diluted Net Income per share

$1.19

$1.07

11%

2013. The increase in first
quarter sales resulted from
strong sales growth in the
Europe, Middle East and Africa
region with sales up about 50
percent; over two-thirds coming
from the April 2013 acquisition
of Aixam, and a 28 percent
combined increase in sales to
customers in the Asia/Pacific
and Latin America regions. Both
ORV and motorcycles gained

market share outside of North
America during the 2014 first
quarter.
Gross profit increased 19
percent to $258.4 million or
29.1 percent of sales for the
first quarter of 2014, compared
to $216.6 million or 29.0
percent of sales in the first
quarter of 2013.
www.polaris.com

AMA National Convention, Hall of Fame
event moving to AIMExpo for 2014
IN another coup for the American
International Motorcycle Expo
(AIMExpo - October 16-19, Orange
County Convention Center, Orlando,
Florida) the AMA is to stage its
National Con ٕ