MINNEAPOLIS, Apr 20, 2011 (BUSINESS WIRE) — Polaris Industries Inc. (NYSE:PII) today reported record first quarter net income of $47.3 million, or $1.34 per diluted share, for the quarter ended March 31, 2011. By comparison, 2010 first quarter net income was $19.8 million, or $0.59 per diluted share. Sales for the first quarter 2011 totaled $537.2 million, an increase of 49 percent from last year’s first quarter sales of $361.7 million.
“Given our excellent start to the year we are significantly raising our expectations for sales and earnings for the full year 2011,” continued Wine. “We will continue to make prudent strategic investments and our strong balance sheet, with $346 million in cash on hand and only $200 million in debt at March 31, 2011, gives us the strength and flexibility to remain aggressive in identifying opportunities to accelerate growth. In addition, product innovation remains at the forefront of our strategy, as evidenced by our January launch of the all-new RANGERRZR XP(TM) 900 recreational vehicle and the Victory High-Ball(TM) custom cruiser, in addition to the March introduction of our model year 2012 snowmobiles.”