Polaris reports EPS grows 11%, international sales up 39% in Q2
19 Jul '05
4 min read
Tom Tiller, Chief Executive Officer, stated, "It is gratifying to be able to report these positive results in an economic environment that is challenging given the higher interest rates and fuel costs they faced during the quarter. This quarter represents their 29th consecutive quarter of increased sales and earnings from continuing operations." Tiller continued, "Although many of these challenges remain as they move into the second half of the year, they have taken steps to minimize their impact and expect 2005 to be another record year of sales and earnings for the Company."
Six Month Results from Continuing Operations
For the six months ended June 30, 2005, Polaris reported record net income from continuing operations of $49.3 million or $1.11 per diluted share compared to net income from continuing operations of $44.6 million or $0.99 per diluted share for the six months ended June 30, 2004. Sales from continuing operations for the year to date period ended June 30, 2005 totaled a record $800.6 million, up 11 percent compared to sales from continuing operations of $723.6 million for the six-month period in 2004.
Discontinued Operations Results
The Company ceased manufacturing marine products on September 2, 2004. As a result, the marine products division's financial results are being reported separately as discontinued operations for all periods presented.
The Company's second quarter 2005 loss from discontinued operations was $0.1 million, net of tax, or less than $0.01 per diluted share, compared to a loss of $3.1 million, net of tax, or $0.07 per diluted share in the second quarter 2004.
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