Consumers continued hunting for outdoor activities during the pandemic, sending sales of Polaris Industries' (NYSE:PII) powersport vehicles soaring in the fourth quarter.
The company released its quarterly results today, and every category of Polaris' business saw an increase, with almost every one experiencing double-digit growth. That resulted in revenue of $2.16 billion, with adjusted profits up 83% year over year to $3.34 per share.
Top- and bottom-line results beat analyst forecasts of revenue of $2.1 billion and profits of $2.85 per share.
Polaris reported that sales of off-road vehicles, motorcycles, and boats all surged by 20% or more, while utility vehicles were up a robust 18%. Its previously lagging aftermarket segment also rose 8%, and snowmobiles were 4% higher year over year.
Off-road vehicles account for 68% of total sales, and they jumped 29% for the period as both ATVs and side-by-sides enjoyed strong demand.
Similarly, Polaris saw Indian Motorcycle sales continue to climb even though the market for mid- to heavyweight bikes declined. It reported North American consumer retail sales were up by a low 30% rate, while the industry was down by mid-single-digit percentages.
Perhaps more surprising was the jump in sales recorded by the three-wheeled Slingshot motorcycle, which helped drive overall segment sales higher by 23%. Parts, garments, and accessories also factored into the increase.
The aftermarket business was helped when its struggling Jeep and truck parts business, Transamerican Auto Parts (TAP), saw its sales climb 1%. Polaris' other aftermarket brands surged 45%, but TAP represents more than three-quarters of the division total.
And having narrowed the focus of its boat business to pontoon boats, the segment saw sales increase 20% year over year.
The results indicate consumers are still looking for outdoor recreation and are turning to Polaris.