UPDATE: Polaris Posts Better-Than-Expected Q3 Profit, Lifts Full-Year Outlook

Polaris Industries PII reported a stronger-than-expected profit for the third quarter and raised its earnings forecast for the full year. The Medina, Minnesota-based company posted a quarterly net profit of $140.8 million, or $2.06 per share, from continuing operations, compared to $116.9 million, or $1.64 per share, in the year-ago period. Its sales surged 18% to $1.3 billion. However, analysts were expecting earnings of $2.02 per share on revenue of $1.28 billion. Off-Road Vehicle sales in the quarter rose 17% to $823.2 million, while Snowmobile sales climbed 13% to $162.7 million. Sales for the Motorcycles division jumped 28% to $63.3 million, while sales of the Small Vehicles division gained 8% to $34.2 million. Parts, Garments, and Accessories sales rose 24% to $219.1 million. International sales also jumped 9% y/y to $151.6 million for the quarter. Income from financial services climbed 46% to $17.0 million. “Our strong third quarter results reflect the continued execution of our long-term strategy and broad strength across our industry-leading portfolio,” commented Scott Wine, Polaris' Chairman and Chief Executive Officer. For the full year, Polaris now expects profit of $6.55 to $6.65 per share from continuing operations, versus its earlier outlook of $6.48 to $6.58 per share. Polaris shares gained 2.93% to close at $149.07 yesterday.