"Our record first-quarter results reflect not only the continued strength of our business and solid execution of our strategy, but also a healthy start to the year for our end markets," said Scott Wine, Polaris's chief executive officer. "Retail sales in the North American off-road vehicle and motorcycle industries are off to their best start in years, and through our innovative products and motivated dealers, Polaris continued to gain market share. We have significant work to do, but as momentum built throughout the first quarter, we gained confidence that 2012 will be another record year for Polaris, as indicated by our increased full-year sales and earnings guidance."
Off-road vehicle (ORV) sales increased 30 per cent from the first quarter of 2011 to $504.6 million. This increase reflects strong market share gains for both ATV and side-by-side vehicles, primarily driven by new product offerings, including the recently introduced Ranger RZR XP4(R) 900, and increased sales in the military business. North American consumer ORV retail sales increased mid-20s per cent for the 2012 first quarter from the first quarter last year, with side-by-side vehicle retail sales once again increasing significantly and ATV retail sales increasing double digits per cent. North American dealer ORV inventories for the 2012 first quarter were up slightly from the first quarter of 2011, as additional side-by-sides were shipped to meet increasing demand. Sales of ORVs outside of North America increased 15 per cent in the first quarter of 2012 when compared to the first quarter of 2011, due to market share gains and positive mix benefit from greater sales of higher priced side-by-side vehicles.
On-road vehicle sales, comprised primarily of Victory motorcycles, but also including Indian motorcycles and the GEM and Goupil electric vehicles, increased 44 per cent over the first quarter of 2011 to $64.7 million. Notably, the 2011 acquisitions of Indian, GEM and Goupil contributed about half of on-road vehicles' first-quarter revenue growth. North American industry heavyweight cruiser and touring motorcycle retail sales increased mid-teens per cent during the 2012 first quarter compared to the prior year's first quarter. Over the same period, Victory North American unit retail sales increased approximately 40 per cent, while North American Victory dealer inventory increased slightly versus 2011 levels to support these sales and market share gains. During the 2012 first quarter the company began shipments of two new Victory models, the Victory Hard-Ball™ and the new Victory Judge™, an American muscle motorcycle. Polaris sales of on-road vehicles to customers outside of North America, now including Goupil, increased over 100 per cent during the 2012 first quarter compared to the prior year's first quarter.
Source: Polaris Industries
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