Despite axing Victory Motorcycles, a bump in Indian Motorcycle sales has helped Polaris reach a better-than-expected 17% increase in sales revenue in the first quarter of 2017.
The company recorded $1,153.8 million in sales revenue, but a net loss of $2.9m partly due to the $38.6 million cost of winding down Victory Motorcycles.
Polaris Industries boss Scott Wine says despite the net loss, adjusted earnings were slightly ahead of expectations, thanks to “continued strong performance from Indian Motorcycle”.
Motorcyclesegment sales were down 35% to $120.3 million.
In Australia, both Victory and Indian experience substantial sales growth, despite the road bike market being down 15.5%. Indian Motorcycle sales were up12.4% while Victory sales skyrocketed 61% as customers rushed to buy bikes before they disappeared from the market.
In North American, Indian Motorcycle sales were up slightly while sales of motorcycles 900cc and above were down.