Polaris earnings jump 43% during 2Q, will expand in India

Medina-based Polaris Industries Inc. reported a record second quarter net income of $69.8 million or $0.98 per share, Wall Street Journal reports. The better-than-expected results were driven by double-digit sales growth in all types of vehicles, led by its on-road motorcycles.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Jul 24, 2012

Medina-based Polaris Industries Inc. reported a record second quarter net income of $69.8 million or $0.98 per share, Wall Street Journal reports. The better-than-expected results were driven by double-digit sales growth in all types of vehicles, led by its on-road motorcycles.

Meanwhile, Polaris has formed a joint venture with an India-based maker of motorcycles and other vehicles. Twin Cities Business reports Polaris and New Delhi-based Eicher Motors Ltd. will each have a 50 percent stake in the venture.

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Boosted by double-digit sales growth across all of its product lines, Polaris Industries Inc. posted a net income of $94.3 million, a 40 percent jump from $67.6 million in the third quarter a year-ago, the Associated Press reports. The Medina-based all-terrain vehicles maker also lifted its full-year outlook for the third time.

The Winona-based operator of industrial hardware supply stores reported its net income rose to $112.3 million with help from new store openings and the installation of new industrial vending machines. However, second quarter sales failed to meet Wall Street expectations.

Minneapolis-based U.S. Bancorp reported high-than-expected quarterly profit as revenue rose and set aside less money for bad loans. The fifth-largest U.S. commercial bank posted a net income of $1.42 billion in the second-quarter.

Select Comfort Corp.'s shares soared 19 percent in after-hours trading Wednesday after the company reported it beat Wall Street expectations with strong gains in both sales and profits. The Plymouth-based maker of the Sleep Number bed also announced plans to open more stores than originally expected.

ATVs, motorcycles and snowmobiles were selling briskly for Polaris Industries Inc., leading a strong third quarter, company officials said Thursday, the Star Tribune reports. Demand was high for Polaris' all-terrain vehicles and Victory motorcycles in North America, and early demand for snowmobile sales surged where there's always plenty of snow – in Russia and Scandinavia.

St. Paul-based Ecolab posted second quarter sales that jumped 74 percent to $3 billion thanks to its December acquisition of liquid filtration giant Nalco, the Star Tribune reports. Excluding Nalco, sales rose 3 percent during the quarter. All combined, net income jumped an impressive 47 percent to $184.5 million, or 62 cents a share.

Polaris says it will add 89 jobs at its sport vehicle plant in Osceola in northwestern Wisconsin, though the plant is still down hundreds of jobs from two years ago, when Polaris announced it would close the site and move the work to Mexico. The expansion comes after the Medina-based company acquired Indian Motorcycles and other brands.

Polaris Industries Inc. has set a lofty goal of building a $1 billion business by 2018 with a new fleet of small electric and electric-hybrid cars and trucks. The vehicles feature a 5- or 7-horsepower motor and go about 25 miles per hour, the Business Journal reports (with slideshow).

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