Polaris Industries Inc., the Medina-based maker of all-terrain vehicles, reported its first-quarter net income soared 26 percent to a record $75.5 million, the Associated Press reports. Revenue rose 11 percent to $745.9 million.
The Wall Street Journal says sales of snowmobiles more than tripled. Off-road vehicle revenue also climbed more than 7 percent, while sales of on-road vehicles fell nearly 3 percent.
Polaris raised its full-year outlook on Tuesday citing our longer winter weather and new products it expects to fuel growth in the second half of the year, Reuters reports.
"We remain cautious of the economic risks in both North America and Europe, but believe our strong team and commercial plans, along with our near term product pipeline, headed by the new Indian motorcycle, will enhance growth in the second half of 2013," CEO Scott Wine said in a news release. "With our solid start to the year, we feel confident in raising our 2013 full year sales and earnings guidance.”
During the quarter, Polaris launched a line of commercial utility vehicles called Brutus, which was co-developed with North Dakota-based Bobcat.
Earlier this month, Polaris announced it was buying Aixam Mega, a privately owned French company that makes low-speed cars and light-duty commercial vehicles.
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