Polaris Industries earned a net income of $31.2 million in the third quarter, a decrease of 17 percent compared to the third quarter 2008, the company reported today. Sales for the third quarter, which ended Sept. 30, totaled $436.2 million, a decrease of 25 percent from last year.
Despite the declines, CEO Scott Wine said the numbers exceeded company expectations.
“Our third quarter 2009 results exceeded our expectations and clearly reflect the strength of our business model and our Polaris team,” Wine said in a release. “While the economic environment remains challenging, we continue to take the long view and invest in the business for future growth and profitability.”
Off-road vehicle sales during the third quarter decreased 30 percent from the third quarter of 2008; on-road sales, which consist mainly of Victory motorcycles, decreased 56 percent; PG&A sales decreased 11 percent.
“We continued to gain market share in our off-road vehicle business during the quarter and parts, garments and accessories sales were better than anticipated,” Wine said in the release. “While Victory motorcycle sales were down significantly and Victory dealer inventories remain elevated, we have added both personnel and resources to help drive strategic initiatives to improve the Victory business over time.”