Polaris Net Earnings Increase
October 15, 2004
Filed under Features
Polaris Industries, Medina, Minn., reported increases in earnings from operations for the third quarter and nine-month period ended Sept. 30, 2004. All of its figures were adjusted for the closing of its Marine operation, effective Sept. 2, 2004. The company reported a loss from the disposal of these operations in the third quarter of $23.9 million, and a loss from Marine operations before taxes of $2.1 million in the third quarter and $7.9 million for the nine months.
For the third quarter, Polaris reported net income from continuing operations (without Marine) of $44.6 million, or $1.05 per share, up from $42.2 million, or 99 cents per share last year. Total net income, including the disposal charge and the loss from Marine operations of $2.1 million, was $18.5 million, down from $39.5 million last year.
For the nine months, Polaris reported earnings from continuing operations of $89.1 million, or $2.10 per share, up from $80.3 million, or $1.87 per share, last year. Net income this year including a loss of $7.9 million from Marine operations and a charge of $23.8 million for its shutdown, was $57.3 million, or $1.35 per share, down from $72.9 million, or $1.70 per share, last year.
The ATV segment was the largest revenue producer for the nine months at $843,223, up 10% from last year. Next was PG&A at $184,361, up 16%, followed by snowmobiles at $156,829, up 17%. Victory Motorcycle contributed $49,835, up 35%.