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Polaris Industries Inc. (NYSE:PII) Jumps 9% – Beats Street With Q2

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Polaris Industries Inc. (NYSE:PII) adds to gains Tuesday after it reported Q2 results that beat analyst expectations on EPS and total revenue, fueled largely by an increase in sales in the company’s motorcycle division. Shares are up 9.44% at $145.75 near midday, at the higher end of the 52-week range of $102.23 – $146.99.

The company reported Q2 EPS of $1.42, up from $1.13 for Q2 2013 and beating analyst predictions of $1.39. Total sales for Q2 2014 totaled $1.01 billion, up from $844.8 million in Q2 2013, edging slightly past analyst projections of $1.00 billion.

For the full year 2014, the company is increasing its guidance and now expects earnings to be in the range of $6.48 to $6.58 per diluted share, an increase of 20-22% over full year 2013 earnings of $5.40 per diluted share from continuing operations. Analysts had previously expected earnings per share of $6.49 for the year. Full year 2014 sales are now expected to grow in the range of 16-18% when compared to 2013.

Sales for the Motorcycles division increased 107% to $103.1 million in the 2014 second quarter compared to same period last year due to continued strong demand for the new model year 2014 Indian motorcycles. Consumer retail demand for Polaris motorcycles, driven by Indian Motorcycle retail sales, was up approximately 50% during the 2014 second quarter, while second quarter North American industry heavyweight cruiser and touring motorcycle retail sales were about flat versus the 2013 second quarter. Sales of Polaris motorcycles outside of North America almost doubled in the second quarter of 2014 as compared to the year-ago period driven by strong retail demand for Indian motorcycles.

“Our strong financial performance in the quarter was driven by outstanding retail sales growth, up 15% in North America, driven by share gains in our side-by-side vehicle product line and continued growth of our Indian motorcycle business,” said Scott Wine, Polaris’ Chairman and Chief Executive Officer. “The recently introduced Sportsman ACE further solidifies our #1 market share position in the North American ORV market and our Small Vehicle and PG&A businesses delivered impressive growth, up 29% and 20% year-over-year in the second quarter, respectively.”

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