Polaris Industries Inc.'s fourth-quarter net income increased to a record $88.1 million, a 38 percent jump from $63.9 million last year, the Associated Press reports. The Medina, Minn.-based company says sales of off-road vehicles increased 22 percent, which helped offset a 9 percent decline in snowmobile sales.
Full year 2012 net income increased 37 percent to a record $312.3 million, according to a company news release. Sales increased 21 percent to a record $3.2 billion.
“We expect 2013 to be another year of profitable growth and margin expansion, although we remain wary of the fragility of the global economy, particularly in Europe, where we project our business will be down slightly," CEO Scott Wine said in a statement. “Between the Indian launch and the much anticipated release of our jointly developed product with Bobcat, 2013 will be an exciting year for new vehicles. We are also enthusiastic about the potential KLIM, which we acquired in the fourth quarter."
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