polaris industries inc (PII) Snapshot

Polaris announced the new structure of the company under which services and products division have been separated. The two divisions will have separate management teams. Five different CEOs have been appointed to look after the different segments under these two divisions. Beginning January 2013, a task force was set up with senior executives of the firm, like Natarajan Narayanasamy, Anil Verma and Rajesh Saxena, to work on the recommendations from BCG. Under the new arrangement, Jitin Goyal has been appointed as the CEO of Services division while Manish Maakan has taken over as CEO of Global Transaction Banking. Jaideep Billa and Venkatesh Srinivasan are going to be Joint CEOs of Core Banking & Treasury and Capital Markets. Pranav Pasricha will head the Insurance Products division. Among the other recommendations of the task force, the services division will have the ability to partner with any third party solution provider and will not be limited to only Polaris' products.

Polaris Industries, Inc. announced the declaration of a regular quarterly $0.42 per share cash dividend payable on June 17, 2013 to shareholders of record at the close of business on June 3, 2013.

Polaris Industries, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported net income of $75.5 million, or $1.07 per diluted share against net income of $60.1 million, or $0.85 per diluted share a year ago. Net sales were $745.9 million against $673.750 million a year ago. Operating income was $101.969 million against $91.547 million a year ago. Net income was $75.464 million against $60.078 million a year ago. Diluted Net Income per share was $1.07 against $0.85 a year ago. Net cash provided by operating activities was $47.8 million compared to net cash used for operating activities of $0.7 million for the first quarter of 2012. The quarter over quarter change in net cash from operating activities is the result of higher net income for the quarter and decreased working capital requirements during the 2013 first quarter period primarily due to increased accounts payable. Income before income taxes was $102.552 million against $92.612 million a year ago. Purchase of property and equipment was $40.113 million against $20.957 million a year ago. The company announced that based on the company's performance during the 2013 first quarter, projections for the remainder of the calendar year and reflecting the acquisition of Aixam Mega completed in April 2013, the company is increasing its 2013 full year sales and earnings guidance. The company now expects full year 2013 earnings to be in the range of $5.05 to $5.20 per diluted share, an increase of 15 to 18% over earnings of $4.40 per diluted share for the full year 2012. Sales for the full year 2013 are now expected to grow in the range of 12 to 15%.