By Melodie Warner
Polaris Industries Inc.'s (NYSE:PII) third-quarter
earnings rose 39 percent as all of its product lines saw double-digit
percentage sales increases.
The company also raised its full-year earnings estimate to
between $4.32 and $4.37 a share on 19 percent to 20 percent sales growth. Its
previously increased July forecast was for per-share earnings of $4.05 to $4.15
on 14 percent to 17 percent sales growth.
The maker of all-terrain vehicles, like snowmobiles, has
seen its revenue and profits increase by double-digit percentages for more than
two years, thanks in part to strong demand for its off-road vehicles and
motorcycles in North America.
Polaris reported a profit of $94.3 million, or $1.33 a
share, up from $67.6 million, or 95 cents, a year earlier. Sales jumped 21
percent to $879.9 million.
Analysts polled by Thomson Reuters had most recently
forecast earnings of $1.20 a share on revenue of $831 million.
Gross margin improved to 29.5 percent from 28.3 percent.
Off-road vehicle sales, the company's largest top-line
contributor, rose 18 percent to $573 million. Snowmobiles sales climbed 21
percent to $114.9 million while on-road vehicle sales jumped 78 percent to $63.4
million. Sales of parts, garments and accessories increased 14 percent to
Shares closed Wednesday at $85.28 and were inactive
premarket. The stock has risen 52 percent so far this year.