Coming off a surge in sales in its fourth quarter, Polaris recorded a first quarter with sales of $1.95 billion, up 39 percent from the same period a year prior.
The parent company of the Bennington, Godfrey and Hurricane brands reported net income of $134 million, compared with a net loss of $5 million for the same quarter last year. Gross profit increased 64 percent to $481 million, up from $293 million the previous year.
Strong retail demand for on- and off-road products was the primary driver in all segments. Polaris reported a 70 percent increase in sales in North America and a 59 percent jump overseas.
“The strength of our brands and the agility and dedication of the global Polaris team were on full display yet again this quarter, building on our incredible momentum from 2020 and delivering results that exceeded our expectations,” interim CEO Mike Speetzen said in a statement.
Boat sales totaled $199 million for the quarter, a 29 percent increase from the same period in the previous year. Gross profit increased 56 percent to $46 million. The company said robust sales and its product mix were partially offset by supply-chain constraints, which increased costs.
“Despite pandemic-related supply-chain constraints, logistical challenges and North American weather-related disruptions, sales across our business grew double-digits as we leveraged our capabilities and scale as the industry leader in powersports,” Speetzen said.
