Polaris is reporting disappointing third quarter sales only a week before debuting its new vehicle plant in Huntsville-annexed Limestone County.
The Minnesota power sports leader said it generated $32.3 million in third quarter net income ending Sept. 30, a dip from $155.2 million in the previous year. Total sales were also down 19 percent at $1,185.1 million.
“During the past three months, we have accelerated our efforts to get our loyal owners back to riding safely, and are now over 50 percent complete with the RZR 900/1000 recalls and slightly below 50 percent on the more recent RZR Turbo recall notice,” he said in a statement. “In addition to these recall challenges, we continued to face a weak overall power sports industry, but were encouraged by continued retail strength for Indian and our overall motorcycle business, and the return to growth for side-by-sides in September.”
Despite previous challenges, Wine said the company recently announced plans to acquire Transamerican Auto Parts, a $740 million, vertically integrated multi-channel leader in the Jeep and truck aftermarket accessory space.
He said Polaris is also making investments to realize the “true potential of our organization.”
“Along with improvements in product safety and quality, we are using Huntsville and our go-to market Retail Flow Management process to establish Lean as a competitive advantage, we are bringing technology to the forefront of our industry with Ride Command, and we are working to transform the customer experience, from purchase to service, to enhance profitability,” he said.
Polaris will unveil its new Alabama Center of Manufacturing Excellence next week months after starting production on 7049 Greenbrier Parkway N.W. The plant, which spans 910,000 square feet on 505 acres, handles assembly, chassis and body painting, welding, fabrication and injection molding for Polaris RANGER and Slingshot vehicles.