Polaris announces 40% higher motorcycle sales in third quarter
Polaris has reported a 40% increased motorcycle sales for the third quarter of the calendar year 2020. The company mentioned that Power sports segment retail sales jumped by 15% in terms of year on year growth. This includes off-road vehicles, snow mobiles, boats as well as motorcycles. So basically it comprises of everything that Polaris operates in.
The company’s motorcycles sales showed a considerable growth which came out as a surprise even for the company’s management. "We weren't as optimistic about bikes. But the thing that became evident is rider groups are popping up all over the place," said Polaris Chief Financial Officer Michael Speetzen. For the record, Polaris’ motorcycles sales include a major contribution from Indian Motorcycle’s sales.
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"Demand has remained strong to start the fourth quarter and we expect our sales and earnings momentum to continue for the rest of the year. This pushes our expectations for overall Company performance to exceed our pre-Covid-19 targets for 2020, demonstrating our confidence in the team to accelerate production as we manage through continued challenges," added Scott Wine, Chairman and Chief Executive Officer of Polaris Inc.
Recently, even Harley-Davidson has reported a strong third quarter sales, despite continuously tumbling overall sales volume. The company’s net income increased by 39% even though its revenue and sales took a hit. The strong third quarter is seen as an effect of the company’s new ‘Rewire’ strategy which includes cutting down production costs and clearing out of the existing inventory.