MINNEAPOLIS — Polaris Industries Inc., which makes off-road and other leisure vehicles, said Thursday its second-quarter net income fell 28 percent as sales declined for nearly all of its products.
The company said its earnings for the quarter ended June 30 fell to $17.5 million, or 53 cents per share, from $24.4 million, or 72 cents per share, in the same quarter last year.
Revenue fell 24 percent to $345.9 million.
The company reported declines in sales across its business segments as consumers continued to pull back on discretionary spending. Off-road vehicle sales, its largest division, fell 25 percent. Motorcycle sales fell 55 percent.
One bright spot was snowmobile sales, which rose 23 percent.
Polaris also on Thursday said it was introducing a new electric vehicle in its on-road vehicle segment, the Polaris Breeze. The four-person vehicle is targeting for consumers living in planned communities and will be go on limited sale in September.
The company also narrowed its full-year earnings guidance, saying the outlook for the U.S. economy remains weak.
Shares of Polaris closed Wednesday at $33.62.
Polaris Industries says 2nd-quarter profit falls 28 percent on weaker product salesPosted on July 16, 2009
With annual 2008 sales of $1.9 billion, Polaris designs, engineers, manufactures and markets off-road vehicles (ORVs), including all-terrain vehicles (ATVs) and the Polaris RANGER™, snowmobiles and Victory motorcycles for recreational and utility use.
Polaris is a recognized leader in the snowmobile industry, and one of the largest manufacturers of ORVs in the world. Victory motorcycles, established in 1998 and representing the first all-new American-made motorcycle from a major company in nearly 60 years are rapidly making impressive in-roads into the cruiser and touring motorcycle marketplace. Polaris also enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII,” and the Company is included in the S&P Small-Cap 600 stock price index. Information about the complete line of Polaris products, apparel and vehicle accessories, is available from authorized Polaris dealers or anytime from the Polaris homepage at www.polarisindustries.com.