Polaris Industries Inc. (PII, Financial) filed Quarterly Report for the period ended 2010-06-30.
Polaris Industries Inc. has a market cap of $2 billion; its shares were traded at around $60.26 with a P/E ratio of 16.8 and P/S ratio of 1.3. The dividend yield of Polaris Industries Inc. stocks is 2.7%. Polaris Industries Inc. had an annual average earning growth of 6.8% over the past 10 years. GuruFocus rated Polaris Industries Inc. the business predictability rank of 3.5-star.PII is in the portfolios of Richard Aster Jr of Meridian Fund, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Sales were $430.9 million in the second quarter 2010, a 25 percent increase from $345.9 million in sales for the same period in 2009. Sales for the year-to-date period ended June 30, 2010 were $792.6 million, a 20 percent increase from $657.9 million in sales for the same period in 2009.
Operating expenses for the 2010 second quarter and year-to-date periods increased 24 percent and 20 percent to $74.4 million and $141.6 million, respectively, compared to $60.2 million and $118.2 million for the same periods in 2009. Operating expenses in absolute dollars for the 2010 second quarter and year-to-date periods increased primarily due to higher incentive compensation plan expenses due to plan costs that were temporarily reduced last year during the uncertain economic environment, the higher expected profitability for the full year 2010 compared to 2009 and the current higher stock price. Operating expenses as a percentage of sales decreased to 17.3 percent and 17.9 percent for the 2010 second quarter and year to date periods, respectively, a 10 basis point decrease from the same periods in 2009 due primarily to higher sales volume during the 2010 second quarter and year-to-date periods.
Income from financial services increased 5 percent to $4.2 million in the 2010 second quarter compared to $4.0 million in the 2009 second quarter. Income from financial services increased 1 percent to $8.5 million for the six months ended June 30, 2010 from $8.4 million for the same period of 2009. Further discussion can be found in the Liquidity and Capital Resources section below.
Interest expense decreased to $0.7 million and $1.4 million for the three and six months ended June 30, 2010, respectively, compared to $1.1 million and $2.1 million for the same periods of 2009, due to lower interest rates and lower bank borrowings during the 2010 periods.
Non-operating other expense/income was $2.3 million of expense in the second quarter of 2010 compared to $0.7 million of income for the same period in 2009. Year-to-date non-operating other expense/income was $2.5 million of e
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Polaris Industries Inc. has a market cap of $2 billion; its shares were traded at around $60.26 with a P/E ratio of 16.8 and P/S ratio of 1.3. The dividend yield of Polaris Industries Inc. stocks is 2.7%. Polaris Industries Inc. had an annual average earning growth of 6.8% over the past 10 years. GuruFocus rated Polaris Industries Inc. the business predictability rank of 3.5-star.PII is in the portfolios of Richard Aster Jr of Meridian Fund, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
For the second quarter ended June 30, 2010, Polaris reported net income of $25.6 million, or $0.75 per diluted share. By comparison, 2009 second quarter net income was $17.5 million, or $0.53 per diluted share. Sales for the second quarter 2010 totaled $430.9 million, an increase of 25 percent from second quarter 2009 sales of $345.9 million. For the year-to-date period ended June 30, 2010, Polaris reported net income of $45.4 million, or $1.34 per diluted share, compared to net income of $25.9 million, or $0.79 per diluted share for the same period last year. Sales for the 2010 year-to-date period totaled $792.6 million, an increase of 20 percent from sales of $657.9 million during the same period last year.Sales were $430.9 million in the second quarter 2010, a 25 percent increase from $345.9 million in sales for the same period in 2009. Sales for the year-to-date period ended June 30, 2010 were $792.6 million, a 20 percent increase from $657.9 million in sales for the same period in 2009.
Operating expenses for the 2010 second quarter and year-to-date periods increased 24 percent and 20 percent to $74.4 million and $141.6 million, respectively, compared to $60.2 million and $118.2 million for the same periods in 2009. Operating expenses in absolute dollars for the 2010 second quarter and year-to-date periods increased primarily due to higher incentive compensation plan expenses due to plan costs that were temporarily reduced last year during the uncertain economic environment, the higher expected profitability for the full year 2010 compared to 2009 and the current higher stock price. Operating expenses as a percentage of sales decreased to 17.3 percent and 17.9 percent for the 2010 second quarter and year to date periods, respectively, a 10 basis point decrease from the same periods in 2009 due primarily to higher sales volume during the 2010 second quarter and year-to-date periods.
Income from financial services increased 5 percent to $4.2 million in the 2010 second quarter compared to $4.0 million in the 2009 second quarter. Income from financial services increased 1 percent to $8.5 million for the six months ended June 30, 2010 from $8.4 million for the same period of 2009. Further discussion can be found in the Liquidity and Capital Resources section below.
Interest expense decreased to $0.7 million and $1.4 million for the three and six months ended June 30, 2010, respectively, compared to $1.1 million and $2.1 million for the same periods of 2009, due to lower interest rates and lower bank borrowings during the 2010 periods.
Non-operating other expense/income was $2.3 million of expense in the second quarter of 2010 compared to $0.7 million of income for the same period in 2009. Year-to-date non-operating other expense/income was $2.5 million of e
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