Polaris Industries Inc. has reported a record fourth quarter and a record net income year of $227.6 million in 2011. All product lines from the Minneapolis based company experienced increased sales and market share for the full year.
International sales increased 43% in the fourth quarter and 39% for the full year despite a volatile European economic environment. Fourth quarter 2011 earnings per diluted share increased 15% to a record $0.90 with sales increasing 26% from the same period in 2010, to a record $782.0 million. Sales for the full year in 2011 totalled a record $2,656.9 million, an increase of 33 percent compared to sales of $1,991.1 million for the full year in 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," stated Scott Wine, Polaris' Chief Executive Officer, "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.
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." According to Scott Wine, the 2012 business outlook is equally good.
Polaris anticipates further growth and market share gains in their core business, while maintaining focus on expanding gross and net margins and investments. The company also added to their small electric vehicle portfolio with the acquisition of Global Electric Motorcars (GEM) and Goupil Industrie SA, which expands their ability to compete in this fragmented, fast-growing $4 billion market. It all looks very promising, not just for the shareholders but equally for dealers and anyone involved in the sales process for Polaris products in the UK and Europe. Polaris Britain: 0800 915 6720 www.polaris-britain.com