Polaris reported fourth-quarter sales of $2.16 billion, up 24 percent from the same period in 2019, with adjusted profits up 83 percent year over year to $3.34 per share.
Full-year sales increased 4 percent to $7.02 billion, recovering from losses earlier in the year as a result of manufacturing and dealer shutdowns caused by the pandemic.
Retail demand in all segments was strong, with boat sales from its three lines — Bennington, Godfrey and Hurricane — totaling $162 million for the quarter, a 20 percent increase from the same period in the previous year.
The boat segment reported $35 million in gross profit for the quarter, a 36 percent increase compared with the fourth quarter of 2019.
“The Polaris team once again demonstrated its strength and agility to deliver a strong finish to an exceptionally unusual year,” interim CEO Mike Speetzen said in a statement. “While 2020 brought many unforeseen challenges, we emerged from the abrupt shutdown of the global economy early in the year to leverage the surge in demand across the powersports industry and outdoor recreation, growing full year adjusted sales and earnings 4 percent and 22 percent, respectively.”
Polaris said it is well-positioned to deal with depleted dealer inventories and the availability of parts, accessories and materials.
“While supply-chain challenges remain front and center for Polaris, and most of the industry, as we enter 2021, the operational track record of our team gives me great confidence in our ability to navigate those constraints,” Speetzen said.