Polaris recorded a record second quarter with sales of $2.17 billion, up 40 percent from the same period a year prior when the Covid-19 pandemic resulted in a 15 percent loss.
The parent company of Bennington, Godfrey and Hurricane brands saw adjusted net income skyrocket 109 percent to $169.4 million. Gross profit increased 26 percent to $551 million, up from $332 million the previous year.
Strong retail demand in its on- and off-road segments, along with an advantageous product mix and pricing with little or no promotional incentives, were the primary drivers to the record Q2, the company said.
With a $198 million second quarter, its boats segment saw sales increase by 49 percent. Gross profit was up by 155 percent to $47 million, with a market share increase in each of its three brands. Sales were partially offset by continued supply chain constraints.
“‘Think Outside’ is resonating with new and current customers alike with continued strong demand and second quarter results,” said CEO Mike Speetzen in a statement, referencing the company’s brand slogan.
“Even more notable, we delivered double digit sales and earnings increases compared to our pre-COVID results from the second quarter and first half of 2019. All of our segments performed extremely well, posting strong increases in both sales and profitability in the face of a challenging supply chain and increasing input cost environment.”
Speetzen, who was named CEO in May, said the team will continue to focus on meeting the demands of its dealer network and the availability of products.
“While supply chain-related headwinds and higher input costs will continue into the second half of the year, the Polaris team’s operational dexterity and nimble approach has been nothing short of spectacular. I remain confident in our ability to meet the product demands of our dealers and consumers and deliver value for our shareholders.”