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.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments (7)
  1. Huxley says:

    I guess closing factories here and shipping the jobs to low wage Mexico has been good to them. Only a fool would support polaris at this point.

    1. T says:

      The real fool would be a business owner who ran a business that did not make a profit. Polaris is not in the business of putting Minnesotans to work.

  2. MnMary says:

    Interesting comment T. Those workers made that company what it is. If Mexico is so great, why don’t all the greedy fat cats at Polaris MOVE TO MEXICO? I will be watching to see how the quality stands up. It can’t only be about profit can it?

    1. dan says:

      So lose Money in MN with the huge taxes or keep the company profitable and continue to employ Minnesotans? Seems like an easy choice. There are still thousands of Jobs in MN that depend on Polaris. The short minded people that want to protect and boycott a MN Company only hurt their next door neighbors.

  3. alice says:

    Polaris continues to be the only source of income for thousands of residents from Minnesota and Wisconsin.
    Polaris plants operate in Minnesota and Wisconsin contributing to the welfare of those families as well as several communities.
    Do not boycott any business with what information you hear from the media.

  4. Use your tea not your kettle says:

    Bottom line….they are a successful MN company!

    They employ a large number of people in MN, and don’t think for a second if they could produce the profits by employing people here, they would…but why would they do that when there is NO INCENTIVE to do so!!!! And Dayton threatening to raise the taxes on the top 2%? Hmmmm…How many people at Polaris who make the BIG decisions are in the TOP 2%!!!!

    See how this works? At this point…why don’t you DFL’ers boycott Polaris! They don’t pay enough TAX!!!! (but think of the jobs and the money flowing through the MN economy if we had these jobs here! Again… FAIL to see that!)

    The other reason they had record profits…

    “The majority of Polaris’ vehicles are sold in Europe”

    If ANY of you knew about economics…you would KNOW the US dollar is weak! Making there more affordable in Europe, or producing higher profits!

    Bottom line is..I am PROUD to have Polaris a MN company!!! .

    1. MnMary says:

      Actually, we have a Polaris ATV. Whenever possible we buy American made. Unfortunately, the “American Made” list grows shorter and shorter because companies move the mfg out of America for greater $$$ profits. I want to know, how much are those workers earning in Mexico? What is their quality of life? Don’t kid yourself, greater profits only benefit a few at the top of these greedy corps. I am all for success, but along with that comes responsibility to those who help you become successful…Treat those the way YOU want to be treated.

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