Issue link: https://read.dmtmag.com/i/592917
www.PowersportsBusiness.com FINANCIAL Powersports Business • November 9, 2015 • 19 www.PowersportsBusiness.com FINANCIAL Powersports Business • November 9, 2015 • 19 POLARIS CONTINUED FROM PAGE 17 2015 increased significantly year-over-year in preparation for the upcoming snowmobile retail selling season. Motorcycle sales increased 154 percent to $160.4 million for the third quarter of 2015 compared to same period last year due to con- tinued strong demand for Indian motorcycles and the new Slingshot roadster. Victory, Indian Motorcycle and Slingshot North American retail sales, combined, increased more than 60 percent during the third quarter of 2015 driven by Indian Motorcycle and Slingshot, while North American industry midsize and heavyweight motorcycle retail sales were up low single digits compared to the third quarter of 2014. Indian motorcycles retail sales were up significantly in the third quarter with ongo- ing strong demand for all models. Product availability for Indian motorcycles improved during the 2015 third quarter as the company continued to increase throughput at its Spirit Lake, Iowa, motorcycle factory. Victory retail sales in the third quarter of 2015 were lower than the prior year partly due to low product availability. Retail sales for the new Slingshot three-wheeled roadster continued to outpace company expectations during the third quar- ter. Polaris North American motorcycle dealer inventories, including Slingshot, during the 2015 third quarter increased about 30 percent compared to the same period in the prior year but remain below levels needed to meet current and backlogged retail demand. Global Adjacent Markets sales increased 10 percent to $60.8 million in the third quarter of 2015 compared to the same period last year. Work and Transportation group sales were up 1 percent during the third quarter of 2015 with higher unit shipments largely offset by nega- tive currency impacts. Sales for the company's defense business were up more than 50 percent during the 2015 third quarter as the company began delivering its militarized RZR and ATV vehicles under a new U.S. defense contract awarded in July of this year. Parts, Garments, and Accessories sales increased 3 percent to $226.3 million dur- ing the third quarter of 2015 as compared to the same period last year. All product lines generated sales growth during the 2015 third quarter, with the exception of snowmobiles, which was down more than 20 percent due to the timing of snowmobile related PG&A dealer shipments year-over-year. The 2015 third quarter was also impacted by lower sales outside the United States. Cana- dian PG&A sales were down significantly, and international PG&A-related sales were up 1 percent compared to last year, both regions were negatively impacted by currency transla- tions and weak economies. PG&A-related sales in the United States were up 9 percent during the 2015 third quarter. PSB Christini Technologies, Inc., which last month unveiled its new lineup of all wheel drive dual sport motorcycles, also had news on the consumer financing front. Philadelphia-based Christini announced that it is offering consumer financing through Freedom Road Financial. The program makes the 450 DS and other AWD models an even easier purchasing process for riders who want the traction and control of an AWD motorcycle. GE OPTS TO BUILD $265 MILLION FACTORY IN CANADA GE Power & Water plans to stop manu- facturing gas engines in Waukesha, Wis., and open a new facility to build engines in Canada. The new facility will also have back- up capacity to manufacture diesel engine components for GE Transportation. GE currently employs 350 at its manufacturing facility in Waukesha, building gas engines for compression, mechanical drive and power generation applications. GE notified employees in Waukesha and more than 400 U.S. suppliers of its plans. In Wisconsin alone, suppliers generate almost $47 million in revenue from the plant. GE plans to build a new $265 million state-of-the-art "Brilliant Factory" in Canada that will optimize efficiency and streamline production using data, analytics and software. The factory is expected to be completed in 20 months and will be a flexible production facility that can expand over time and also support manufacturing requirements for other GE businesses. GE will build its new facility in Canada in order to access additional support from the country's export credit agency, Export Devel- opment Canada (EDC). The agency has a strong record of export financing. GE has a solid, long-standing relationship with EDC under which the company has participated in a number of global transactions. With today's announcement, GE fully expects to expand its relationship with EDC in support of the com- pany's Power & Water, Oil & Gas and Trans- portation businesses. In 2014, EDC facilitated exports and investments of approximately $100 billion (Canadian). The agency actively supports global expansion for manufacturers based in Canada, supporting over 7,000 cus- tomers in close to 200 countries last year. "We believe in American manufacturing, but our customers in many cases require ECA financing for us to bid on projects. Without it, we cannot compete, and our customers may be forced to select other providers," said John Rice, vice chairman, GE. PSB DIGEST Christini secures consumer financing