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Analyst: Polaris continued market share gains in Q1

Polaris Industries continued to show market share gains in the first quarter, based on Q1 dealer checks, according to Wells Fargo Securities senior analyst Tim Conder.

According to a research note provided to Powersports Business Wednesday, Polaris saw side-by-side unit sales up 15-20 percent, ATVs up mid-single digits, Victory motorcycles up 25-30 percent and snowmobiles down 10-15 in the first quarter of 2012 compared to the first quarter of 2011. "Polaris continues to gain share in core ATV/side-by-side on strong product features and price/value," Conder reported. "Financing remains available/affordable for reasonably qualified borrowers. Dealer ORV inventories are lean/comfortable with tight supplies in certain skus/markets. Victory dealer inventories continue to improve, while snowmobile inventories are modestly elevated due to poor snow levels across much of the U.S."

Conder writes to "expect another record quarter for revenue and earnings per share" from Polaris in the first quarter. Polaris announces its first quarter earnings on April 18.

Conder anticipates "continued domestic ORV market share gains," with both traditional ATVs and side-by-sides generating growth "through 1) consistent new product development; 2) cost position; 3) innovative/quality products; 4) healthier inventories (MVP); and 5) an enhanced sales mix (more new vs. non-current)."

Dealer checks by Wells Fargo Securities also revealed Polaris side-by-side sales are "solidly outperforming the overall industry," and Victory is "outperforming the 1400cc-plus segment of the industry in which Polaris primarily competes."

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