MINNEAPOLIS — Polaris Industries Inc. today reported record first quarter net income of $47.3 million for the quarter ended March 31. By comparison, 2010 first quarter net income was $19.8 million. Sales for the first quarter 2011 totaled $537.2 million, an increase of 49 percent from last year's first quarter sales of $361.7 million.
"We are extremely pleased with our first quarter results, as the momentum we built throughout 2010 continued into 2011," Scott Wine, Polaris' Chief Executive Officer, said in a statement. "Retail demand for Polaris products in North America remained strong throughout the first quarter and we continued to gain market share. Our international business also remained strong with sales increasing 21 percent and we celebrated the grand opening of our European headquarters in Switzerland during the quarter. As a result of continuous improvement efforts directed at cost reduction and profitability enhancements, we generated significant margin expansion."
Based on Polaris' performance during the 2011 first quarter and projections for the remainder of the year, the company is increasing its full year sales and earnings guidance for 2011. The Company now expects full year 2011 earnings to be in the range of $5.53 to $5.68 per diluted share, an increase of between 29 and 33 percent over earnings of $4.28 per diluted share for the full year 2010.
To read the company's complete release, click here: Polaris Reports Record First Quarter 2011 Results