Polaris Industries Inc. reported decreased net income and sales for the third quarter as compared to the prior-year quarter and expects its 2006 sales to be down 11 to 12 percent.
The company said ATV sales were down 12 percent compared to the third quarter of 2005.
“Although our dealers have made progress in lowering ATV inventory levels, the continued weakness in the ATV industry has caused dealers to become more conservative in their ordering patterns as the year has progressed,” Tom Tiller, Polaris’ CEO, said in a prepared statement.
Snowmobile sales also slipped, declining 16 percent.
On the positive, Victory sales climbed 60 percent in the third quarter compared to the same time period in 2005. The Polaris Ranger also has seen double-digit sales growth during the third quarter, the company reported.
Read more about Polaris’ third-quarter financials in the Nov. 10 Powersports Business.