8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORTPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 18, 2011


POLARIS INDUSTRIES INC.
(Exact name of Registrant as specified in its charter)

Minnesota	1-11411	41-1790959
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2100 Highway 55
Medina, Minnesota 55340
(Address of principal executive offices)
(Zip Code)

(763) 542-0500
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02       Results of Operations and Financial Condition.

On October 18, 2011, Polaris Industries Inc. (the “Company”) issued a press release announcing the Company’s third quarter financial results for the reporting period ended September 30, 2011.  On October 18, 2011, the Company also hosted its quarterly earnings conference call, which was accessible to the public.  A recording of the conference call will be available through the end of the business day on October 27, 2011 by dialing 800-642-1687 in the U.S. and Canada or 706-645-9291 for international calls and entering passcode 75875515, and on the Company’s website, www.polarisindustries.com/irhome.

A copy of the Company’s press release is furnished as Exhibit 99.1 attached hereto and a copy of the presentation materials discussed during the conference call is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.  

Item 7.01       Regulation FD Disclosure.

The disclosures set forth in Item 2.02 above are hereby incorporated by reference into this Item 7.01.

Item 9.01       Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press Release dated October 18, 2011 of Polaris Industries Inc.
99.2	Presentation materials dated October 18, 2011 of Polaris Industries Inc.

The information contained in this Current Report is furnished and not deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.  The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	October 18, 2011
		POLARIS INDUSTRIES INC.
		/s/ Michael W. Malone
		Michael W. Malone
		Vice President – Finance and
		Chief Financial Officer of Polaris Industries Inc.

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated October 18, 2011 of Polaris Industries Inc.
99.2	Presentation materials dated October 18, 2011 of Polaris Industries Inc.

EX-99.1

Exhibit 99.1

Polaris Reports Record Third Quarter 2011 Results; 26% Sales Growth Drove EPS Increase of 38%

Company Increases Full Year 2011 Guidance

Third Quarter Highlights:

• Net income increased 43% to a record $67.6 million, or a record $0.95 per diluted share.
• All product lines and geographic regions experienced sales growth during the third quarter.
• Gross profit margin percentage increased 230 basis points to 28.3%.
• During the third quarter, the Board of Directors declared a two-for-one split of the Company’s outstanding shares of common stock.
• Raising guidance for full year 2011 earnings to a range of $3.10 to $3.16 per diluted share, a 45% to 48% increase over full year 2010 based on expected full year 2011 sales growth of 30% to 32%.

MINNEAPOLIS--(BUSINESS WIRE)--October 18, 2011--Polaris Industries Inc. (NYSE: PII) today reported record third quarter net income of $67.6 million, or $0.95 per diluted share, for the quarter ended September 30, 2011, up 43 percent and 38 percent, respectively, from the prior year’s third quarter net income of $47.2 million, or $0.69 per diluted share. Sales for the third quarter 2011 totaled a record $729.9 million, an increase of 26 percent from last year’s third quarter sales of $580.1 million.

Scott Wine, Polaris’ Chief Executive Officer, stated that “Despite challenging economic conditions, we are pleased to report another record quarter of sales, net income and earnings per share. I am exceptionally proud of how the Polaris team continued to drive growth and productivity in the third quarter. Each of our businesses experienced strong sales growth in the period, primarily driven by sustained market share gains. North American consumer retail demand for Polaris products remains vital, increasing 16 percent. We also once again improved our profitability, with healthy gross profit margin and net income margin increases when compared to last year.”

“I am also pleased to report that our Monterrey, Mexico manufacturing facility shipped their 10,000^th side-by-side product in the quarter, marking an important milestone while demonstrating the schedule fidelity and focus on quality that is a cornerstone of Polaris operations. Additionally, integration of Global Electric Motorcars (GEM) and Indian Motorcycle Company is progressing according to plan, providing us with exciting new growth platforms.”

2011 Business Outlook

The Company is increasing its previously issued sales and earnings guidance and now expects full year 2011 earnings in the range of $3.10 to $3.16 per diluted share, an increase of 45 to 48 percent over full year 2010 earnings of $2.14 per diluted share. Full year 2011 sales are now expected to grow in the range of 30 to 32 percent from 2010.

Wine noted, “Given our year-to-date results, the positive momentum exhibited by our businesses, and the strong performance of our 2012 model year products introduced earlier this year, we are raising our full year 2011 sales and earnings expectations. We expect 2011 will be a record year for Polaris, demonstrating our commitment to making growth happen in spite of adverse economic conditions.

“Looking ahead to 2012, we expect the overall economic climate to remain challenging. However, we believe our business is well positioned to offset these headwinds, as we continue to execute our successful long-term strategy, invest in product innovation, and seize additional opportunities to sustain our momentum. While our current success means the sales and earnings comparisons will be much tougher in 2012, at this early stage we expect to have another year of increasing sales, net income and earnings per share.”

Third Quarter Performance Summary (in thousands except per share data)
	Three Months ended September 30,					Nine Months ended September 30,
Product line sales	2011		2010		Change	2011		2010		Change
Off-Road Vehicles	$	486,243	$	389,349	25%	$	1,356,566	$	981,823	38%
Snowmobiles		95,102		77,285	23%		110,865		84,804	31%
On-Road Vehicles		35,655		20,137	77%		111,449		60,984	83%
Parts, Garments & Accessories		112,861		93,311	21%		296,100		245,086	21%
Total Sales	$	729,861	$	580,082	+26%	$	1,874,980	$	1,372,697	+37%
Gross profit	$	206,836	$	150,699	+37%	$	536,275	$	358,697	+50%
Gross profit as a % of sales		28.3%		26.0%	+230 bpts		28.6%		26.1%	+250 bpts
Operating expenses	$	102,873	$	87,139	+18%	$	296,620	$	228,759	+30%
Operating expenses as a % of sales		14.1%		15.0%	-90 bpts		15.8%		16.7%	-90 bpts
Operating Income	$	110,290	$	67,696	+63%	$	256,794	$	142,575	+80%
Operating Income as a % of sales		15.1%		11.7%	+340 bpts		13.7%		10.4%	+330 bpts
Net Income	$	67,637	$	47,221	+43%	$	163,676	$	92,616	+77%
Net income as a % of sales		9.3%		8.1%	+120 bpts		8.7%		6.7%	+200 bpts
Diluted Net Income per share	$	0.95	$	0.69	+38%	$	2.30	$	1.36	+69%

Summary of Operations

Off-Road Vehicle (“ORV”) sales, comprised of all-terrain vehicles (“ATVs”) and RANGER™ side-by-side vehicles, increased 25 percent year-over-year, to $486.2 million, during the third quarter 2011. This increase reflects significant North American market share gains for both ATVs and side-by-side vehicles. North American ORV unit retail sales from dealers to consumers for the 2011 third quarter were up low-teens percent year-over-year, with side-by-side vehicle consumer retail sales climbing significantly and ATV consumer retail sales down mid-single digits percent. As a result of consistently strong demand for Polaris products, North American ORV dealer inventories were up modestly compared to the third quarter of 2010, as higher side-by-side vehicle dealer inventory was largely offset by lower ATV dealer inventory. Polaris sales of ORVs outside of North America increased 59 percent compared to the third quarter 2010.

Snowmobile sales for third quarter 2011 were $95.1 million, an increase of 23 percent over third quarter 2010. These results reflect significantly reduced snowmobile dealer inventory levels entering the 2011 - 2012 selling season compared to the prior year, as well as the benefit of more higher priced snowmobiles shipping during the 2011 third quarter than in third quarter 2010.

On-Road Vehicle sales totaled $35.7 million, 77 percent higher than the same period in 2010, primarily due to Victory motorcycle sales increases. Sales of On-Road Vehicles to customers outside of North America increased 74 percent compared to the prior year’s third quarter. Third quarter North American heavyweight cruiser and touring motorcycle industry retail sales were up mid-single digits percent over the prior year’s third quarter, while Victory unit retail sales in North America increased upper-teens percent during the same period. In addition, a modest amount of On-Road vehicle sales related to the GEM and Indian Motorcycle Company acquisitions were recorded in the third quarter 2011.

Parts, Garments, and Accessories (“PG&A”) sales increased 21 percent during the third quarter 2011 to $112.9 million compared to the same period last year, with PG&A sales increasing across all businesses and geographies. During the 2011 third quarter the Company introduced over 200 new accessories and garments to the PG&A product line for the 2012 model year.

International sales totaled $97.9 million for the 2011 third quarter, a 59 percent increase over the same period in 2010. All regions and product lines experienced growth during the quarter driven by higher volume, and increased sales of higher priced side-by-side vehicles and motorcycles. Year-to-date, international sales totaled $293.2 million, an increase of 37 percent over the same period last year.

Gross profit was 28.3 percent of sales for the third quarter of 2011, up 230 basis points from 26.0 percent for the third quarter of 2010. Gross profit dollars increased 37 percent to $206.8 million for the third quarter of 2011, compared to $150.7 million for the third quarter of 2010. Continued product cost reduction efforts, production efficiencies on increased volumes, and higher selling prices were the most significant factors in this increase, partially offset by increasing commodity costs and unfavorable currency movements.

Operating expenses for third quarter 2011 decreased 90 basis points, as a percent of sales, to 14.1 percent of sales compared to 15.0 percent of sales for the same period last year as we gain leverage from the sales increases. Operating expenses in absolute dollars for the third quarter of 2011 increased 18 percent to $102.9 million compared to $87.1 million last year primarily due to continued investments in future growth opportunities and acquisition integration. This was offset somewhat by lower share-based incentive compensation plan expenses in the third quarter 2011, primarily as a result of the lower stock price at September 30, 2011 than a quarter ago.

Income from financial services increased to $6.3 million during third quarter 2011 from $4.1 million in the third quarter of 2010, primarily due to increased profitability generated from the retail credit portfolios with GE, HSBC, and Sheffield.

Non-operating other expense was $5.5 million in the third quarter of 2011, as compared to $1.5 million of income in the third quarter of 2010. The decrease in profitability was the result of foreign currency exchange rate movements and the resulting effects on foreign currency transactions related to the Company’s foreign subsidiaries.

Financial Position and Cash Flow

Net cash provided by operating activities increased 26 percent to $198.1 million for the year-to-date period ended September 30, 2011 compared to $156.9 million for the same period in 2010. The increase was driven by higher net income; partially offset by an increased investment in working capital, in particular factory inventory levels supporting business growth. Total long-term debt at September 30, 2011 was $100.0 million compared to $200.0 million a year ago. The Company’s debt-to-total capital ratio was 17 percent at September 30, 2011, compared to 40 percent for the same period in 2010. Cash and cash equivalents were $335.7 million at September 30, 2011 compared to $264.5 million for the same period in 2010.

2-for-1 stock split completed during the quarter

During the 2011 third quarter, the Board of Directors declared a two-for-one split of the Company’s outstanding shares of common stock. On September 12, 2011 Polaris shareholders received one additional share of common stock for each share they held of record at the close of business on September 2, 2011. All share and per share information for all periods presented have been adjusted to give effect to the stock split.

Conference Call and Webcast Presentation

Today at 10:00 AM (CT) Polaris Industries Inc. will host a conference call and webcast to discuss its 2011 third quarter earnings results released this morning. The call will be hosted by Scott Wine, CEO, Bennett Morgan, President and COO, and Mike Malone, Vice President―Finance and CFO. A slide presentation and link to the audio webcast will be posted on the Investor Relations page of the Polaris web site at www.polarisindustries.com/irhome approximately 30 minutes before the conference call begins.

To listen to the conference call by phone, dial 800-374-6475 in the U.S. and Canada, or 973-200-3967 internationally. The Conference ID is # 75875515.

A replay of the conference call will be available approximately two hours after the call for a one-week period by accessing the same link on our website, or by dialing 800-642-1687 in the U.S. and Canada, or 706-645-9291 internationally.

About Polaris

With annual 2010 sales of $1.99 billion, Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles (ORVs), including all-terrain vehicles (ATVs) and the Polaris RANGER® for recreational and utility use, snowmobiles, motorcycles and on-road electric powered vehicles.

Polaris is a recognized leader in the powersports industry, among the global sales leaders for both snowmobiles and off-road vehicles. The Company has established a presence in the heavyweight cruiser and touring motorcycle market with Victory motorcycles and the acquisition of Indian Motorcycle Company. Additionally, Polaris continues to invest in the global on-road low speed vehicle industry with internally developed vehicles and the acquisition of Global Electric Motorcars (GEM). Polaris enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.

Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index.

Information about the complete line of Polaris products, apparel and vehicles accessories are available from authorized Polaris dealers or anytime at www.polarisindustries.com.

Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding 2011 and 2012 sales, shipments, net income, net income per share, manufacturing realignment transition costs and savings in logistical and production costs, are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations realignment initiatives, product offerings, promotional activities and pricing strategies by competitors; acquisition integration costs; warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements.

(summarized financial data follows)

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
	For Three Months Ended September 30,					For Nine Months Ended September 30,
	2011		2010			2011		2010
Sales	$	729,861	$	580,082		$	1,874,980	$	1,372,697
Cost of Sales		523,025		429,383			1,338,705		1,014,000
Gross profit		206,836		150,699			536,275		358,697
Operating expenses
Selling and marketing		49,074		38,118			129,740		102,380
Research and development		25,750		22,257			74,248		59,507
General and administrative		28,049		26,764			92,632		66,872
Total operating expenses		102,873		87,139			296,620		228,759
Income from financial services		6,327		4,136			17,139		12,637
Operating Income		110,290		67,696			256,794		142,575
Non-operating Expense (Income):
Interest expense		1,270		721			2,766		2,149
(Gain) on securities held for sale, net		-		(1,594	)		-		(825	)
Other expense (income), net		5,480		(1,482	)		3,921		1,016
Income before income taxes		103,540		70,051			250,107		140,235
Provision for Income Taxes		35,903		22,830			86,431		47,619
Net Income	$	67,637	$	47,221			163,676		92,616
Basic Net Income per share	$	0.98	$	0.71		$	2.38	$	1.39
Diluted Net Income per share	$	0.95	$	0.69		$	2.30	$	1.36
Weighted average shares outstanding:
Basic		68,937		66,811			68,761		66,487
Diluted		71,289		68,753			71,056		68,250

Note: Shares outstanding and per share data have been adjusted to give effect to the two-for-one- stock split declared on July 20, 2011 and paid on September 12, 2011 to shareholders of record on September 2, 2011.

POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
Subject to Reclassification	September 30, 2011		September 30, 2010
Assets
Current Assets:
Cash and cash equivalents	$	335,747	$	264,511
Trade receivables, net		108,889		98,151
Inventories, net		338,285		279,778
Prepaid expenses and other		37,762		17,443
Income taxes receivable		9,037		-
Deferred tax assets		62,269		68,696
Total current assets		891,989		728,579
Property and equipment, net		198,018		180,936
Investments in finance affiliate		37,273		33,479
Investments in manufacturing affiliates		882		1,183
Deferred tax assets		10,240		-
Goodwill and other intangible assets, net		59,658		27,880
Total Assets	$	1,198,060	$	972,057
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable	$	187,780	$	138,044
Accrued expenses:
Compensation		160,414		92,382
Warranties		36,724		29,602
Sales promotions and incentives		80,234		83,420
Dealer holdback		61,196		55,029
Other		66,189		50,463
Income taxes payable		1,598		4,559
Current liabilities of discontinued operations		1,550		1,850
Total current liabilities		595,685		455,349
Long term income taxes payable		7,156		4,045
Deferred income taxes		-		14,748
Long-term debt		100,000		200,000
Total liabilities		702,841		674,142
Shareholders’ Equity:
Total shareholders’ equity		495,219		297,915
Total Liabilities and Shareholders’ Equity	$	1,198,060	$	972,057

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Subject to Reclassification	For the Nine Months Ended September 30,
	2011			2010
Operating Activities:
Net income	$	163,676		$	92,616
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash valuation adjustments on securities held for sale		-			(825	)
Depreciation and amortization		50,692			49,616
Noncash compensation		14,815			13,460
Noncash income from financial services		(3,398	)		(3,313	)
Noncash loss from manufacturing affiliates		127			1,203
Deferred income taxes		(6,404	)		(4,423	)
Changes in current operating items:
Trade receivables		(17,563	)		(7,745	)
Inventories		(96,474	)		(100,463	)
Accounts payable		73,207			62,387
Accrued expenses		27,243			52,031
Income taxes payable/receivable		(8,542	)		(3,086	)
Prepaid expenses and others, net		700			5,455
Net cash provided by operating activities		198,079			156,913
Investing Activities:
Purchase of property and equipment		(62,474	)		(35,040	)
Investments in finance affiliate, net		3,294			11,166
Proceeds from sale of investments	-				9,601
Acquisition of businesses, net of cash acquired		(27,960	)		(2,500	)
Net cash used for investing activities		(87,140	)		(16,773	)
Financing Activities:
Borrowings under senior notes		100,000			-
Repayments under credit agreement		(200,000	)		-
Repurchase and retirement of common shares		(62,462	)		(27,486	)
Cash dividends to shareholders		(46,147	)		(39,538	)
Tax effect of proceeds from share-based compensation exercises		13,361			7,502
Proceeds from stock issuances under employee plans		28,005			43,653
Net cash used for financing activities		(167,243	)		(15,869	)
Impact of currency exchange rates on cash balances		(1,876	)		-
Net (decrease) increase in cash and cash equivalents		(58,180	)		124,271
Cash and cash equivalents at beginning of period		393,927			140,240
Cash and cash equivalents at end of period	$	335,747		$	264,511

CONTACT:
Polaris Industries Inc.
Richard Edwards, 763-542-0500

EX-99.2

Exhibit 99.2

Third Quarter 2011 Earnings Results October 18, 2011

Safe Harbor

Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2011 and 2012 sales, shipments, net income, cash flow, and manufacturing realignment transition costs and savings, are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as product offerings, promotional activities and pricing strategies by competitors; manufacturing realignment transition costs; acquisition integration costs; warranty expenses; impact of changes in Polaris stock prices on incentive compensation; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in our 2010 annual report and Form 10-K filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements.The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and compiled by the Company or Company estimates. The Company must rely on information that its dealers supply concerning retail sales, and other retail sales data sources and this information is subject to revision.Note: Shares and per share information have been adjusted to give effect to the two-for-one stock split declared on July 20, 2011, payable on September 12, 2011 to shareholders of record on September 2, 2011.October 2011

Scott Wine CEO Third Quarter 2011 Earnings Results October 18, 2011

Q3 2011 Sales and Net Income Q3 Net Income ($ in millions) Q3 Sales ($ in millions) $47.2 Up 43% $67.6 Q3 2011 Q3 2010 Q3 2011 Q3 2010 Record 3rd Quarter Sales and Net Income Beating tough comps and increased competition 3rd Quarter Earnings per Share up 38% over Q3 2010, to a record$0.95 Gross Margins improved 230 basis points to 28.3% Operating Income 15.1%, Net Income 9.3% of Sales October 2011 Record Third Quarter Sales, Net Income and EPS Up 26% $729.9 $580.1

Total Company Sales (in millions) Diluted EPS Full Year 2011 Guidance $1,991 Up 30% to 32% $2,590 to $2,630 2010 Actual 2011 Guidance $2.14 Up 45% to 48% $3.10 to $3.16 2011 Sales & EPS Projections Raised, Again Retail sales growth, market share gains continues to outpace industry International up significantly Economic weakness, cost pressures persist We continue to invest from position of strength; staying nimble Net Income dollars projected up 51% to 53% Net income margin improvement accelerating Diluted EPS expected to be up 45% - 48% to $3.10 - $3.16 October 2011 5 2010 Actual 2011 Guidance

Strategic Progress Continues… $1.6 Billion $5.0 Billion Grow Sales $5 Billion by 2019 Expand Net Income Margins 10% of sales by 2019 Making Growth Happen Q3 YTD 2011 Progress 3-5 Year Strategic Initiatives Best in Powersports PLUS 5-8% organic growth Growth Through Adjacencies $200 - 500M growth Global Market Leadership >25% of Polaris revenue Operational Excellence >200 bpts operating margin improvement Strong Financial Performance Sustainable, profitable growth Net income margin >8% Sales up 37% Net Income +77% / EPS +69% Net income margin up 200 bpts to 8.7% Expanded #1 market share position in ORV Victory retail sales continue strong Introduced 11 new MY12 products Indian & GEM integration on plan Military sales up significantly Bobcat sales & retail demand solid International sales up 37% Side-by-Side and Victory presence growing China profitable, India and Brazil progressing Gross profit margins up 250 bpts Monterrey plant shipped >10k SxS units to-date LEAN journey continues with strong results 6.5% >8.0% October 2011 6 2009 2014 2019 $3.0 Billion 2009 2014 2019 10.0%

Bennett Morgan President & COO Third Quarter 2011 Earnings Results October 18, 2011

North American Polaris Dealer Inventory Levels  8 Dealer Inventory N.A. retail sales up 16% in Q3 – demand remains strong N.A. dealer inventory down 5% from Q3 2010 ATVs down 9% from Q3 2010 Side-by-side inventory up due to continued strong retail demand MVP remains a competitive advantage Dealer Inventory Near Optimum Levels October 2011 8 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Units 2006 Actual 2007 Actual 2008 Actual 2009 Actual 2010 Actual 2011 Actual

9 Off-Road Vehicle Division Polaris Sales (millions) SXS SXS ATV ATV SXS SXS ATV ATV FY 2011 Guidance FY 2010Q3 2011 Q3 2010 $389.3 +35% $1,376.4 +25% $486.2 #1 in ORV - Gained significant share in SxS and ATVs again New MY 2012 products well received New RANGER RZR® XP 900 launched in January selling very well New RANGER RZR ® 570 (50”) begins shipping in Q4 FY 2011 Projection Q3 Industry Estimate Down low to mid-single digits N.A. ORV Industry October 2011 Up about 30% Q3 2011 Summary Continued Strong Market Share Gains in Q3 Down low to mid-single digits RANGER RZR® 570

10 Year-to-date Bobcat retail strong Incremental customer base Development of new co-developed work vehicle on-track Adjacencies Bobcat Strategic Alliance Military October 2011 Q3 sales up significantly Received $54 million, 3-year contract from U.S. and other allied governments Exploring various technology opportunities Growth Accelerating 2009 2010 2011 2009 2010 2011 Up Over 100% Expectation Expectation Polaris Sales (millions) Polaris Sales (millions) MVRS MineRoller

11 October 2011 Snowmobile Division Gaining market share season-to-date New MY ’12 snowmobiles shipping on schedule Snowmobile quality significantly improved Strong snow checks, strong start to season MY 2012 Switchback Adventure 600 FY 2010 FY 2011 +5% $188.9 Up about 40% Product Innovation & Quality Keys to Success +23% $95.1 $77.3 Q3 2011 guidance Q3 2010 Polaris Sales (millions)

12 On-Road Division – Motorcycles / Small Vehicles Polaris Sales (millions) Momentum Continues; New Categories October 2011 N.A. Motorcycle Industry 1400cc+ Global Victory retail remains strong N.A. unit retail increased upper-teens % from 2010 International unit retail sales up significantly again Added 7 net new dealers in Q3 in North America Transitioning Indian Motorcycle and GEM acquisitions +55% $81.6 +70% - 75% FY 2011 guidance FY 2010 FY 2011 Projection Q3 2011 Up mid-single digits Up modestly Q3 2011 Summary Q3 2010 Q3 2011 +77% $35.7 $20.1 MY 2012 Victory Cross Country Tour™

October 2011 13 On-Road Division – Motorcycles / Small Vehicles Transition Plans in Place Sales trends improving since acquisition Adding dealers Future product planning Spirit Lake assembly to begin Q1 2012 Cost reduction efforts on track Developed clear brand strategy Spirit Lake assembly in place Product design and planning to deliver differentiated models with core Indian DNA in process GEM Transition Update Indian Transition Update

14 PG&A Highest Margin Business Continues to Grow & Deliver Polaris Sales (millions) Q3 2011 PG&A Growth by Product Line Q3 2011 PG&A Revenue by Product Category Parts 46% Accessories 49% Apparel 5% $93.3 +21% $112.9 FY 2011 guidance FY 2010 Q3 2011 Q3 2010 +10% $344.3 All businesses increased sales in Q3 Accessory sales up over 26% International PG&A Sales up 18% Margins remain strong Launched over 200+ new MY’12 products in Q3 + high teens % October 2011 ORV Snow On-Road Other +22% +14% +36% +13% Q3 2011 Summary

15 AP/LA EMEA Polaris Sales (millions) International Investment & Expansion Continuing International Division $61.4 +59% $97.9 +21% $305.9 Q3 2011 Revenue by Geography Q3 2011 Revenue by Business FY 2011 guidance FY 2010 Q3 2011 Q3 2010 ME / Africa 12% Latin America 6% Asia 4% Aus/NZ 15% Europe 63% Off-Road Vehicles 63% On-Road Vehicles 6% PG&A 14% Snow 17% Profitable global growth of 59% - growth from all regions: EMEA, Asia Pacific / Latin America (AP/LA) ORV up 59% On-Road / Victory sales up 74%; gaining share Launched ORVs in India. Remain clear ORV market share leader in Europe V.P.’s in place for each of EMEA and Asia Pacific / Latin America regions Up 30% to 32% October 2011 Q3 2011 Summary

16 Operational Excellence – Q3 2011 Margins Net Income as a Percent of Sales Gross Margins Q3 2010 Q3 2011 +2.3%-0.9%-1.1%+0.9%Gross Margin Operating Expense Other Non-Operating Expense Income Taxes/ Other Q3 2010 Q3 2011 26.0% 28.3% 8.1% 9.3% +230 bpts Gross margins remain strong driven by: Increased Volume Continued value engineering investment and sourcing strategies Higher selling prices Net income margins remain at record highs – 9.3% for Q3 Pressure in commodities including rare earth metals and diesel – headwinds next few quarters Productivity improved 12%; Monterrey plant profitable in Q3 Gross and Net Income Margin Expansion October 2011

Mike Malone V.P. Finance & CFO Third Quarter 2011 Earnings Results October 18, 2011

2011 Full Year Revised Guidance Product Line Sales - Off-Road Vehicles - Snowmobiles - On-Road Vehicles - PG&A - International Total Company Sales Gross Margins Operating expenses Income Taxes Net Income EPS, Diluted Share Count Up about 30% (increased) Up about 40% Up 70% to 75% (increased) Up high-teens % (increased) Up 30% to 32% (increased) Up 30% to 32% (increased) Up 140 to 160 bpts (decreased) Down slightly as a percent of sales 34.0% to 34.5% of pretax income Up 51% to 53% (increased) $3.10 - $3.16 (+45% to +48%) (increased) Increase over 2010 METRIC GUIDANCE Raised Guidance Again 18 October 2011

19 Actual Q3 2010 Actual Q3 2011Full Year Guidance 2011Prior Period 24.1% 26.0% 26.6% Production volume adjustments Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix Manufacturing realignment, net Warranty costs Tooling amortization Sales promotional costs Current period 26.0% 28.3% 28.0% to 28.2% Change + 190 bpts + 230 bpts Up 140 to 160 bpts Gross Profit Margin Percentage Trends Improvement to gross profit margin % Impairment to gross profit margin % Neutral to gross profit margin % October 2011

Manufacturing Realignment Production and shipments began in Q2 2011 - Shipped over 10,000 SxS units to date Costs and savings projections unchanged Began realizing modest savings during Q3 2011 Manufacturing Realignment Remains on Plan Cost Charged to P&L (in millions) Savings (in millions) Anticipated annualized savings upon completion 2011 anticipated savings in 2nd half $30+ FY 2012 anticipated savings October 2011 Capital Expenditures (in millions) $2 $31 $35 Estimated Total Capital FY 2011 Guidance FY 2012 Estimate Project To-Date Q3 2011 Actual $4 $23 Estimated Total Capital FY 2011 Guidance FY 2012 Estimate Project To-Date Q3 2011 Actual 20 $22 - $24 $25 - $26 $13 - $14

Balance Sheet and Liquidity Profile $ In millions (except per share and interest rate data) YTD 2011 Fav (Unfav) 2010 2011 Full Year Guidance Cash$335.7$71.2 Increase from 2010 Long Term Debt$100.0$100.0$100 private placement at 4.4% fixed rate Credit Facility$350.0($100.0) Renewed to 2016 Factory Inventory$338.3 ($58.5) Increase from 2010 Capital Expenditures$62.5($27.4) Approximately $80  (includes manufacturing realignment) Depreciation & Amortization$50.7($1.1) $65 to $70 Operating cash flow$198.1$41.2 Increase double digit % Dividend$0.675 per share $0.075 per share Increased 13% to $0.90 per share (post-split) Polaris Acceptance Receivables$535.1$33.3 Increase slightly due to Retail Credit – Approval Rate – Penetration Rate product mix 57% 35% Flat +2% pts Stabilized October 2011  21

Scott Wine CEO Third Quarter 2011 Earnings Results October 18, 2011

2012 Initial Thoughts US & European economies, powersports markets, remain challenged Too much regulation, too little leadership Commodity and currency volatility remains challenging, unpredictable Competitors will become more aggressive…so will Polaris Polaris outperformance continues N.A. Retail expected to grow – market share gains continue EMEA exemplifies "Making Growth Happen", again Victory share gains continue; Indian transformation on track M&A activity builds; investments begin to pay back - China, Brazil, GEM, etc. Monterrey ramp up is impressive - savings accelerate Driving LEAN to increase speed & quality, reduce inventory & costs Net margins expand, again 23 Profitable Growth & Margin Expansion Remain Primary Focus October 2011

Polaris Industries Inc. 24 Thank you. Q & A October 2011