MINNEAPOLIS (January 25, 2012) — Polaris Industries Inc. (NYSE: PII) today reported record net income of $0.90 per diluted share for the fourth quarter of 2011, up 15 percent over the 2010 fourth quarter. Net income for the fourth quarter 2011 was a record $63.9 million, an increase of 17 percent over the same period in 2010. Record sales of $782.0 million for the fourth quarter 2011 increased 26 percent over 2010 fourth quarter sales of $618.4 million.
Full Year Results
For the full year ended December 31, 2011, Polaris reported record net income of $227.6 million, or a record $3.20 per diluted share, compared to $147.1 million, or $2.14 per diluted share for the year ended December 31, 2010. This represents a 50 percent increase on a diluted share basis and a 55 percent increase in net income. Sales for the full year 2011 totaled a record $2,656.9 million, an increase of 33 percent compared to sales of $1,991.1 million for the full year 2010.
”Our record fourth quarter results were a fitting ending to a year in which we generated record annual sales and earnings and significantly exceeded our initial expectations. Our top and bottom-line expansion, and the momentum we are sustaining throughout our business, directly results from our focus on driving innovation, enhancing our product offering, reducing costs, and growth through new global markets and adjacencies,” stated Scott Wine, Polaris' Chief Executive Officer. “Specifically, during the year we furthered our leading market share position in off-road vehicles while continuing to gain market share in motorcycles and snowmobiles. Moreover, we introduced over 20 new vehicles, including award-winning products like the RANGER RZR 570 value recreational off-road vehicle, the 800 Pro-RMK snowmobile, and the Victory Cross Country Tour motorcycle. Our operations team managed to meet the increased demand for these vehicles while bringing our new Monterrey manufacturing facility online on time and on budget, driving initial 2011 savings on plan with future projections in line with stated expectations. Building on our surging core businesses, our military and Bobcat adjacencies continue to gain momentum, and we have made considerable progress in expanding our international presence with increased sales in Europe, China, and India. Lastly, we added to our small electric vehicle portfolio with the acquisition of Global Electric Motorcars (GEM) and Goupil Industrie SA, which expands our ability to compete in this fragmented, fast-growing $4 billion market.”
As read on: http://www.polarisindustries.com/en-us/Company/News/Pages/News-Item.aspx?articleID=32
