NEW YORK (AP) — Polaris Industries Inc. said Tuesday that its profit nearly doubled in the second quarter as the company sold vehicles for higher prices while keeping costs in check.
The Medina, Minn. maker of off-road vehicles reported income of $48.7 million, or $1.37 per share, for the three months ended June 30. That’s up from $25.6 million, or 75 cents per share, for the same part of 2010.
Revenue increased 41.1 percent to $607.9 million.
Analysts had expected earnings of $1.18 per share on revenue of $545.1 million.
From April to June, Polaris said revenue from off-road vehicles jumped 41 percent and on-road vehicles shot up 99 percent. Revenue from snowmobiles, a smaller part of the company’s business, surged 247 percent while parts and accessories gained 23 percent. The majority of Polaris’ vehicles are sold in Europe.
Polaris increased its forecast for 2011 to $5.53-$5.68 per share from previous guidance of $5.53-$5.68 per share.
Company shares jumped $5.37, nearly 5 percent, to $118.25 in premarket trading.
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