MINNEAPOLIS – Polaris Industries Inc.’s sales of its personal watercraft increased 3 percent during the second quarter, ended June 30, compared to the second quarter of 2003, the company reported in an earnings release this morning.
Sales of PWC for the year-to-date period increased 16 percent from the comparable period of 2003, according to Polaris, which reported all of its product lines experienced sales growth.
Polaris’ net income for the second quarter was a record $24.4 million, a 16-percent increase over the prior year second quarter net income of $21.0 million. The company reported a net income of $0.54 per diluted share for the second quarter – a 15-percent increase over a prior year second quarter net income of $0.47 per diluted share – which was also a record.
Higher snowmobile sales volume, which was up 65 percent, and ATV sales (up 7 percent), as well as parts, garments and accessories and international operations contributed to the second quarter earnings increase, along with expanded gross margins and higher income from financial services, according to Polaris.
Sales for the second quarter 2004 totaled a record $422.3 million, up 12 percent from the prior year's second quarter sales of $377.1 million, the company said.
"We are anticipating balanced growth across the company in 2004 and the second quarter continues that trend," said Tom Tiller, president and CEO. "All of our product lines experienced sales growth during the quarter, which marks our 25th consecutive quarter of increased sales and earnings. Recent innovations and investments made in new product development have benefited the growth in sales and earnings during the second quarter. And later this month we expect to continue that trend with the largest new product launch in the history of the company."
Polaris repurchased 388,000 shares of common stock during the second quarter and increased and narrowed its full-year 2004 earnings guidance to $2.72 to $2.80 per diluted share, an 11- to 14-percent increase over 2003, the company said.
Polaris held its quarterly earnings conference call this morning, which will be available for one week by dialing 800-642-1687 in the U.S. and Canada, or 706-645-9291 for International calls, and entering passcode 8217664. The call will also be available for one month on the Polaris Web site (www.polarisindustries.com), the company said.