MINNEAPOLIS (AP) — Polaris Industries Inc. said Wednesday that its first-quarter profit jumped 27 percent, boosted by strong sales of off-road vehicles and motorcycles.
The Minneapolis-based company also boosted its full-year guidance. Its shares jumped 8 percent in morning trading after rising to its highest level on record dating to 1992.
Polaris reported net income of $60.1 million, or 85 cents per share, for the three months ended March 31, up from $47.3 million, or 67 cents per share, in the same quarter last year.
Total sales rose 25 percent to $673.8 million from $537.2 million.
The results beat Wall Street predictions. Analysts, on average, expected a profit of 77 cents per share on $615.3 million in revenue, according to a FactSet poll.
Polaris credited the jump in sales to higher industry-wide demand for motorcycles and off-road vehicles, along with market share gains.
Sales of off-road vehicles jumped 30 percent to $504.6 million to $504.6 million, while sales of on-road vehicles, including motorcycles, jumped 44 percent to $64.7 million. Snowmobile sales tumbled 48 percent to $4.6 million, the company said.
The company said it continues to see strong demand and has boosted production at several of its plants.
Polaris said it now expects to post a 2012 profit of $3.85 to $4 per share on sales growth of 10 percent to 13 percent. Based on the company's 2011 sales of $2.66 billion, the guidance implies 2012 sales of $2.93 billion to $3.01 billion.
In January, Polaris projected a 2012 profit of $3.65 to $3.80 per share on sales growth of 5 percent to 8 percent.
Analysts polled by FactSet expect earnings of $3.89 per share on $2.93 billion in sales.
In morning trading, Polaris shares rose $6.20, or 8.5 percent, to $79.33 after rising as high as $79.59 earlier in the session. That is the highest level for the stock on record dating to May 1992.