Polaris CEO Scott Wine reports record second quarter sales.

• Net income increased 21% to $96.9 million and earnings per diluted share increased 26% to $1.42 compared to the second quarter last year with sales increasing 20% to $1,014.0 million, setting records for second quarter sales and earnings.
• North American retail sales improved significantly, rising 15% year-over-year in the second quarter.
• Gross profit margins increased 20 bpts over second quarter last year in spite of currency pressures.
• Raising guidance for full year 2014 earnings to a range of $6.48 to $6.58 per diluted share, up 20% to 22% over 2013 based on expected full year 2014 sales growth of 16% to 18%.

Polaris CEO Scott Wine states, “Over the years, I've learned not to underestimate what our Polaris team can accomplish, which matches with my consistently high expectations. With tremendous energy being expended to built new plans, grow internationally, drive our LEAN transformation and prepare for launch of an awesome array of new products, it was impressive to see our North American team deliver 15% retail sales growth in the second quarter.

As we get ready to celebrate our 60th anniversary, there’s no better way to honor our history than by demonstrating it through the Polaris tradition of passionate execution, perseverance, teamwork and innovation, we can overcome a lackluster economy and increasing competition. It was encouraging to see our best retail performance in two years precede the launch of an outstanding lineup of Model Year’15 vehicles and a welcome surprise to report quarterly sales growth in EMEA and Asia Pacific, Latin America outpaced growth here in North America. In line with our emphasis on profitable growth, earnings outpaced revenue in the second quarter with net income increasing 21% to $96.9 million yielding record earnings per share of $1.42, up 26% over the prior year period.

Despite continued pressure from the Canadian dollar, we delivered a small 20 basis point improvement in gross profit margin, supporting our second consecutive quarter of 24% growth in operating income.”

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Read Scott Wine’s comments here.