Polaris Industries Inc.’s (PII) fourth-quarter earnings rose 24% as sales improved in all product lines and the company topped its own guidance.
Chief Executive Scott Wine said Polaris – a maker of snowmobiles, off- and on-road vehicles and Victory motorcycles — said the company has continued to gain market share and has made investments in China, Brazil, and India, among other markets.
The company posted a profit of $54.5 million, or $1.55 a share, up from $43.9 million, or $1.31 a share, a year earlier. Revenue rose 31% to $618.4 million. The company guided in October for earnings of $1.45 to $1.48 on revenue growth of 22% to 24%. Gross margin improved to 27.7% from 27.3%.
Sales of off-road vehicles, Polaris’ biggest segment, rose 40%. The on-road division, made up mostly of Victory motorcycles, saw sales rise 8%, while snowmobiles had a 28% rise.
For 2011, the company projected earnings of $4.65 to $4.85 on revenue growth of 8% to 11%. Shares closed at $77.71 and were inactive premarket. Shares are up 11% in the past three months.