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 22, 2013
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 22, 2013, Polaris Industries Inc. (the “Company”) issued a press release announcing the Company’s third quarter 2013 financial results for the reporting period ended September 30, 2013.  On October 22, 2013, 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 29, 2013 by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 for international calls and entering passcode 48224568, and on the Company’s website, www.polaris.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 22, 2013 of Polaris Industries Inc.
99.2	Presentation materials dated October 22, 2013 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.

		POLARIS INDUSTRIES INC.
Date:	October 22, 2013	/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 22, 2013 of Polaris Industries Inc.
99.2	Presentation materials dated October 22, 2013 of Polaris Industries Inc.

EX-99.1

Exhibit 99.1

Polaris Reports Record Third Quarter 2013 Results; EPS from Continuing Operations Increased 23% to $1.64 on Sales Growth of 25%

Third quarter surpasses $1.1 billion in sales; Company increases full year 2013 Sales and EPS from continuing operations guidance

Third Quarter Highlights:

• Net income from continuing operations increased 24% to $116.9 million, or $1.64 per diluted share, with sales increasing 25% to $1,102.6 million, setting records for third quarter sales and earnings and exceeding $1 billion in quarterly sales for the first time in the Company’s history.
• North American retail sales increased 12% year-over-year in the third quarter.
• Gross profit margin percentage increased 90 basis points to 30.4% primarily due to higher selling prices and lower product costs.
• The Company is raising and narrowing full year 2013 earnings guidance from continuing operations to a range of $5.30 to $5.37 per diluted share, up 20% to 22% over 2012 based on expected full year 2013 sales growth of 15% to 16%.

MINNEAPOLIS--(BUSINESS WIRE)--October 22, 2013--Polaris Industries Inc. (NYSE: PII) today reported record third quarter net income from continuing operations of $116.9 million, or $1.64 per diluted share, for the quarter ended September 30, 2013, up 24 percent and 23 percent, respectively, from the prior year’s third quarter net income of $94.3 million, or $1.33 per diluted share. Reported net income for the third quarter 2013, including both continuing and discontinued operations was $113.1 million, or $1.59 per diluted share. Sales for the third quarter 2013 totaled a record $1,102.6 million, which represents an increase of 25 percent over last year’s third quarter sales of $879.9 million.

Scott Wine, Polaris’ Chairman and Chief Executive Officer, stated, “Our record third quarter results reflect both the ongoing demand for our existing products and the potential contained within the initial shipments of our model year 2014 vehicles, the largest new product introduction in the Company’s history. In the third quarter, we launched more new vehicles than in any previous model year, led by the much anticipated debut of Indian Motorcycles along with several innovative variants of RANGERS, RZRs and Victory motorcycles. Additionally, to complement and enhance our consumers’ experience with these vehicles our PG&A business introduced over 300 new model year 2014 accessories plus an expanded apparel line-up. While the new model year 2014 vehicles and accessories are just now arriving at dealers in meaningful quantities, the initial feedback has been extremely positive from consumers to the trade magazines. To receive such accolades is always gratifying, but we realize that we must remain focused on achieving the full market potential of these recently released new products while continuing to develop the next wave of industry leading products.”

Wine added, “Though much of our effort was focused on successful product launches, we also achieved a number of financial milestones during the 2013 third quarter, including eclipsing the quarterly $1 billion sales mark for the first time in Polaris’ history. We continued to solidify our market share lead in off-road vehicles during the quarter and our relentless drive to enhance profitability paid dividends as gross profit margins climbed 90 basis points. Our international business performed exceptionally well, up 38 percent during the quarter despite a weak economic environment. Part of the international growth came from our most recent acquisition, Aixam Mega, an important addition to our expanding Small Vehicles portfolio.”

Wine continued, “Our success over the past four years derives from our focused strategy – being the Best in Powersports PLUS, delivering growth through adjacencies, maintaining global market leadership and demonstrating operational excellence and strong financial performance. Thanks to our execution of that strategy, our sales growth continues to outpace our long-term projections and we now expect to achieve greater than $8.0 billion in sales by 2020, while our net income target remains at an industry leading greater than 10 percent of sales by 2020. While we are obviously very bullish about Polaris’ future, we remain focused on near-term execution and are confident in raising our sales and earnings expectations for 2013.”

2013 Business Outlook

For the full year 2013, the Company is increasing and narrowing its earnings guidance and now expects earnings from continuing operations to be in the range of $5.30 to $5.37 per diluted share, an increase of 20 to 22 percent over full year 2012 earnings of $4.40 per diluted share. Full year 2013 sales are now expected to grow in the range of 15 percent to 16 percent as compared to full year 2012.

Third Quarter Performance Summary (in thousands except per share data)
	Three Months ended September 30,								Nine Months ended September 30,
Product line sales	2013			2012			Change		2013			2012			Change
Off-Road Vehicles	$	702,013		$	573,020		23	%	$	1,862,508		$	1,658,730		12	%
Snowmobiles		143,550			114,885		25	%		166,725			128,405		30	%
Motorcycles		49,372			52,384		-6	%		151,041			160,395		-6	%
Small Vehicles		31,716			11,012		188	%		76,489			32,394		136	%
Parts, Garments & Accessories		175,998			128,638		37	%		436,595			329,211		33	%
Total Sales	$	1,102,649		$	879,939		+25	%	$	2,693,358		$	2,309,135		+17	%
Gross profit	$	334,785		$	259,785		+29	%	$	803,771		$	671,497		+20	%
Gross profit as a % of sales		30.4	%		29.5	%	+90 bpts			29.8	%		29.1	%	+70 bpts
Operating expenses	$	165,163		$	126,445		+31	%	$	428,202		$	351,574		+22	%
Operating expenses as a % of sales		15.0	%		14.4	%	+60 bpts			15.9	%		15.2	%	+70 bpts
Operating income	$	181,293		$	141,567		+28	%	$	408,816		$	343,548		+19	%
Operating Income as a % of sales		16.4	%		16.1	%	+30 bpts			15.2	%		14.9	%	+30 bpts
Net income from continuing operations	$	116,921		$	94,345		+24	%	$	272,389		$	224,246		+21	%
Net income from continuing operations as a % of sales		10.6	%		10.7	%	-10 bpts			10.1	%		9.7	%	+40 bpts
Diluted net income per share from continuing operations	$	1.64		$	1.33		+23	%	$	3.84		$	3.16		+22	%

Off-Road Vehicle (“ORV”) sales increased 23 percent in the 2013 third quarter from the third quarter 2012 to $702.0 million. This increase reflects continued strong demand and market share gains for both ATVs and side-by-side vehicles including a number of highly anticipated all-new model year 2014 vehicles introduced in the third quarter. Polaris North American ORV unit retail sales were up low double digits percent from the third quarter last year; both side-by-side vehicles and ATVs grew in the double digits percent range during the quarter. The Company estimates North American ORV industry retail sales also grew low double digits percent during the 2013 third quarter. As expected, North American ORV dealer inventories were up mid-teens percent from the third quarter of 2012 primarily to support new model year 2014 ORV product segments introduced in July. The Company’s International ORV sales to customers outside North America increased 20 percent in the 2013 third quarter primarily through continued market share gains, despite the overall European economy remaining weak.

Snowmobile sales increased 25 percent to $143.6 million for the 2013 third quarter as compared to $114.9 million for the third quarter of 2012. This increase is due to a higher number of snowmobiles shipped and a more profitable mix of snowmobiles sold in the 2013 third quarter. Sales of snowmobiles outside of North America, principally the Scandinavian region and Russia, increased eleven percent in the third quarter of 2013 compared to a year ago.

Sales for the Motorcycles division, which includes both Victory and Indian motorcycle sales, decreased six percent to $49.4 million in the 2013 third quarter compared to the same period last year. The decrease in the 2013 third quarter sales is due to Victory dealers continuing to calibrate their inventory levels under the new Retail Flow Management order taking process, which closely ties dealer shipments with retail sales, and weaker international motorcycle sales, partially offset by a limited number of model year 2014 Indian motorcycles that began shipping late in the quarter. Victory North American consumer unit retail sales were strong for the 2013 third quarter, increasing over 30 percent compared to a year ago. The overall Industry performed well also, as North American industry heavyweight cruiser and touring motorcycle retail sales increased about 20 percent during the 2013 third quarter as compared to the prior year’s third quarter. The much anticipated re-launch of Indian Motorcycle occurred during the 2013 third quarter with the introduction of three all-new model year 2014 Indian Chief models: the Chief Classic, Chief Vintage, and the Chieftain. The reaction from the motorcycle press, dealers and consumers has been very strong for these brand new Indian motorcycles. North American motorcycle dealer inventory increased slightly over 2012 levels due to an increase in the Victory dealer count and initial shipments of Indian motorcycles.

Sales in the Small Vehicles division, which is comprised of our GEM and Goupil electric vehicles as well as Aixam Mega (“Aixam”) acquired in the second quarter of 2013, increased 188 percent to $31.7 million compared to the third quarter 2012. The incremental sales from the Aixam acquisition represented a significant portion of the 2013 third quarter sales growth for the Small Vehicles business.

Parts, Garments, and Accessories (“PG&A”) sales increased 37 percent to $176.0 million during the third quarter of 2013 compared to the same period last year. PG&A experienced over 20 percent sales growth in all product lines and categories during the quarter. This growth was augmented by the addition of over 300 new model year 2014 accessories, including additions to the family of Lock and Ride^® attachments that add comfort, style and utility to ORVs and motorcycles. Additionally, the 2013 third quarter sales increase includes the incremental PG&A related sales from the Klim and Aixam acquisitions. Sales of PG&A to customers outside of North America increased 44 percent during the 2013 third quarter as compared to the same period last year.

International sales totaled $139.4 million for the 2013 third quarter, an increase of 38 percent versus the same period in 2012. The increase was driven by higher sales in ORVs and continued market share gains in all product lines and strong PG&A sales during the quarter. Additionally, the recent acquisition of Aixam accounted for approximately half of the international sales increase.

Gross profit was 30.4 percent of sales for the third quarter of 2013, an increase of 90 basis points from the 2012 third quarter. Gross profit dollars increased 29 percent to $334.8 million for the third quarter of 2013, compared to $259.8 million for the third quarter of 2012. The increase in gross profit, both in terms of absolute dollars and as a percentage of sales, primarily arose from continued product cost reduction efforts and higher selling prices, offset somewhat by higher promotional costs. Additionally, during the 2013 third quarter, the Company lost a contract dispute resulting in additional royalty payments, which had an approximately $9.0 million or 80 basis points unfavorable impact to Polaris’ 2013 third quarter gross profit margins.

Operating expenses for the third quarter of 2013 increased 31 percent to $165.2 million or 15.0 percent of sales compared to $126.4 million or 14.4 percent of sales for the third quarter of 2012. Operating expenses in absolute dollars and as a percentage of sales for the third quarter of 2013 increased primarily due to higher sales and marketing costs related, in part, to the Indian Motorcycle re-launch; increased general and administrative expenses, which includes expenses related to the continued investments in infrastructure aimed at supporting the Company’s growth initiatives, and higher accrued incentive compensation due to the higher stock price.

Income from financial services increased 42 percent to $11.7 million during the third quarter of 2013 compared to $8.2 million in the third quarter of 2012, due to increased profitability generated from the retail credit portfolios with Sheffield, GE and Capital One and higher income from the dealer inventory financing through Polaris Acceptance.

Equity in loss of affiliates was $0.6 million for the third quarter 2013, which represents the Company’s portion of the start-up costs related to the Polaris/Eicher joint venture in India established in 2012.

Other income, net was $2.6 million in the third quarter of 2013, compared to $4.0 million in the third quarter of 2012. The income generated in the third quarter in both 2013 and 2012 came as a result of foreign currency exchange rate movements and the resulting effects on foreign currency transactions related to the Company’s foreign subsidiaries.

The Income tax provision for the third quarter 2013 was recorded at a rate of 35.7 percent of pretax income from continuing operations compared to 34.5 percent of pretax income for the third quarter 2012. The higher income tax provision in the 2013 third quarter is a result of an increase in accrued foreign tax reserves along with certain unfavorable tax events related to finalizing the calendar year 2012 tax returns.

Loss from Discontinued Operations

The Company previously announced in late July 2013 that a jury returned an unfavorable verdict against Polaris in a lawsuit arising from a 2008 collision between a boat and a 2001 Polaris Virage personal watercraft. As a result of the jury verdict, during the 2013 third quarter, Polaris recorded a non-recurring loss from discontinued operations of $3.8 million, net of tax, or $0.05 per diluted share. The Company ceased manufacturing marine products in September 2004 and substantially completed the exit of the business in 2007. At this point in time, no additional charges are expected from discontinued operations.

Financial Position and Cash Flow

Net cash provided by operating activities from continuing operations increased 50 percent to $381.8 million for the year-to-date period ended September 30, 2013 compared to $254.5 million for the same period in 2012. The increase in net cash provided by operating activities from continuing operations for the 2013 period was due to increased net income, improved working capital and an increase in noncash expenses such as depreciation and incentive compensation. Total debt at the end of the third quarter was $107.2 million. The Company’s debt-to-total capital ratio was ten percent as of September 30, 2013 as compared to 14 percent as of the same period in 2012. Cash and cash equivalents were $387.8 million at September 30, 2013 compared to $412.9 million for the same period in 2012.

Conference Call and Webcast Presentation

Today at 9:00 AM (CT) Polaris Industries Inc. will host a conference call and webcast to discuss Polaris’ 2013 third quarter earnings results released this morning. The call will be hosted by Scott Wine, Chairman and 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.polaris.com/irhome.

To listen to the conference call by phone, dial 877-706-7543 in the U.S. and Canada, or 973-200-3967 internationally. The Conference ID is # 48224568.

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 855-859-2056 in the U.S. and Canada, or 404-537-3406 internationally.

About Polaris

Polaris is a recognized leader in the powersports industry with annual 2012 sales of $3.2 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® and RZR® side-by-side vehicles, snowmobiles, motorcycles and small vehicles.

Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory and Indian motorcycle brands. Additionally, Polaris continues to invest in the global on-road small vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris and KLIM branded apparel and Polaris accessories and parts.

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 vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.

Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding 2013 and future sales, shipments, net income, net income per share, new manufacturing operations initiatives, joint venture projects 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 initiatives, product offerings, promotional activities and pricing strategies by competitors; acquisition integration costs; joint venture projects; 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)
	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Sales	$	1,102,649		$	879,939		$	2,693,358		$	2,309,135
Cost of sales	767,864			620,154			1,889,587			1,637,638
Gross profit	334,785			259,785			803,771			671,497
Operating expenses:
Selling and marketing	78,810			57,211			195,541			152,899
Research and development	37,010			32,352			103,064			94,034
General and administrative	49,343			36,882			129,597			104,641
Total operating expenses	165,163			126,445			428,202			351,574
Income from financial services	11,671			8,227			33,247			23,625
Operating income	181,293			141,567			408,816			343,548
Non-operating expense (income):
Interest expense	1,520			1,465			4,364			4,443
Equity in loss of other affiliates	631			—			1,629			—
Other (income), net	(2,576		)	(3,989		)	(6,274		)	(6,356		)
Income before income taxes	181,718			144,091			409,097			345,461
Provision for income taxes	64,797			49,746			136,708			121,215
Net income from continuing operations	116,921			94,345			272,389			224,246
Loss from discontinued operations, net of tax	(3,777		)	—			(3,777		)	—
Net income	$	113,144		$	94,345		$	268,612		$	224,246
Basic net income per share:
Continuing operations	$	1.69		$	1.37		$	3.95		$	3.26
Loss from discontinued operations	(0.05		)	—			(0.05		)	—
Basic net income per share	$	1.64		$	1.37		$	3.90		$	3.26
Diluted net income per share:
Continuing operations	$	1.64		$	1.33		$	3.84		$	3.16
Loss from discontinued operations	(0.05		)	—			(0.05		)	—
Diluted net income per share	$	1.59		$	1.33		$	3.79		$	3.16
Weighted average shares outstanding:
Basic	69,179			68,692			68,946			68,761
Diluted	71,186			70,883			70,901			70,956

POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
Subject to Reclassification	September 30, 2013		September 30, 2012
Assets
Current Assets:
Cash and cash equivalents	$	387,804	$	412,898
Trade receivables, net	157,015		136,346
Inventories, net	460,592		410,034
Prepaid expenses and other	56,450		28,193
Income taxes receivable	15,657		7,936
Deferred tax assets	84,986		80,040
Total current assets	1,162,504		1,075,447
Property and equipment, net	420,328		230,605
Investment in finance affiliate	58,338		47,521
Investment in other affiliates	16,775		12,000
Deferred tax assets	7,553		13,768
Goodwill and other intangible assets, net	227,889		76,704
Other long-term assets	29,832		15,383
Total assets	$	1,923,219	$	1,471,428
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of capital lease obligations	$	3,318	$	2,607
Accounts payable	280,284		228,332
Accrued expenses:
Compensation	129,311		120,351
Warranties	48,102		41,571
Sales promotions and incentives	120,004		105,340
Dealer holdback	94,142		75,983
Other	87,810		71,054
Income taxes payable	43,765		3,286
Current liabilities of discontinued operations	10,000		5,000
Total current liabilities	816,736		653,524
Long term income taxes payable	14,443		6,749
Capital lease obligations	3,904		4,692
Long-term debt	100,000		100,000
Other long-term liabilities	56,454		47,382
Total liabilities	$	991,537	$	812,347
Total shareholders’ equity	931,682		659,081
Total liabilities and shareholders’ equity	$	1,923,219	$	1,471,428
Certain reclassifications of previously reported balance sheet amounts have been conformed to the current year presentation.

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Subject to Reclassification	Nine months ended September 30,
	2013			2012
Operating Activities:
Net income	$	268,612		$	224,246
Loss from discontinued operations	3,777			—
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,364			51,489
Noncash compensation	46,304			26,964
Noncash income from financial services	(3,440		)	(2,479		)
Noncash loss from other affiliates	1,629			—
Deferred income taxes	(10,781		)	(5,277		)
Tax effect of share-based compensation exercises	(22,247		)	(17,810		)
Changes in operating assets and liabilities:
Trade receivables	(24,711		)	(20,272		)
Inventories	(94,110		)	(109,912		)
Accounts payable	94,097			81,489
Accrued expenses	20,671			(451		)
Income taxes payable/receivable	62,332			36,185
Prepaid expenses and others, net	(24,690		)	(9,684		)
Cash provided from continuing operations	381,807			254,488
Cash used for discontinued operations	(642		)	—
Net cash provided by operating activities	381,165			254,488
Investing Activities:
Purchase of property and equipment	(192,350		)	(65,804		)
Investment in finance affiliate, net	2,091			(2,790		)
Investment in other affiliates	(6,063		)	(7,000		)
Acquisition of businesses, net of cash acquired	(134,817		)	(383		)
Net cash used for investing activities	(331,139		)	(75,977		)
Financing Activities:
Borrowings under capital lease obligations	1,682			2,232
Repayments under capital lease obligations	(2,780		)	(2,137		)
Repurchase and retirement of common shares	(31,907		)	(58,978		)
Cash dividends to shareholders	(86,482		)	(76,009		)
Tax effect of proceeds from share-based compensation exercises	22,247			17,810
Proceeds from stock issuances under employee plans	17,834			25,458
Net cash used for financing activities	(79,406		)	(91,624		)
Impact of currency exchange rates on cash balances	169			675
Net (decrease) increase in cash and cash equivalents	(29,211		)	87,562
Cash and cash equivalents at beginning of period	417,015			325,336
Cash and cash equivalents at end of period	$	387,804		$	412,898

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

EX-99.2

Exhibit 99.2

Third Quarter 2013 Earnings Results October 22, 2013 POLARIS INDUSTRIES INC.

Safe Harbor Safe Harbor Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2013 and 2014 sales, shipments, margins, and net income and cash flow from both continuing and discontinued operations 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 operation initiatives; 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 2012 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. 2 Q3-2013

Scott Wine Chairman & CEO Third Quarter 2013 Earnings Results October 22, 2013 POLARIS INDUSTRIES INC.

$94.3 $116.9 Q3 2012Q3 2013+24% Q3 2013 Sales and Net Income Q3 2013 Sales and Net Income Record 3rd quarter sales and net income from continuing operations ORV Sales remained strong up 23%, snowmobiles up 25% and PG&A up 37% International Sales up 38%, includes Aixam Mega acquisition sales EMEA region grew 52% Earnings per share from continuing operations up 23% to a record $1.64 Gross Profit Margin up 90 bps Operating Income from continuing operations increased 28% to $181.3 million Q3-2013 $879.9 $1,102.6 Q3 2012Q3 2013+25% Exceeded $1 Billion – First Time in Company History Q3 Sales Exceeded $1 Billion – First Time in Company History Q3 Net Income from Continuing Operations Q3 Sales 4 (in millions) (in millions)

Indian Motorcycle Global Reveal Indian Motorcycle Global Reveal Production Distribution Strong Dealer, Consumer and Press Enthusiasm Strong Dealer, Consumer and Press Enthusiasm Indian Motorcycle Production ramping up in Spirit Lake Distribution on plan ~200 global locations by year-end 2013 Q3-2013

Full Year 2013 Guidance Full Year 2013 Guidance North American Sales growth and market share gains ORV expected to be up 11% to 12%; PG&A expected to grow about 30% International Sales projected to increase about 25% including acquisitions EMEA growth driven by Aixam Mega Net Income from continuing operations projected up 20% to 22% Net Income margins from continuing operations expected to be over 10% for full year Q3-2013 $3,210 2012 ActualFY 2013Guidance$4.40 2012 ActualFY 2013GuidanceStrong Finish to the Expected Strong Finish to the Year Expected Diluted EPS from Continuing Operations Total Company Sales Up 15% to 16% $3,700 to $3,730 Up 20% to 22% $5.30 to $5.37 6 (in millions)

2013Guidance20202013Guidance2020Grow Sales >$8 Billion by 2020 Q3 2013 Progress Polaris Strategic Objectives Polaris Strategic Objectives 7 Q3-2013 3-5 Year Objectives Best in Powersports PLUS 5-8% annual organic growth ORV & Motorcycles gained share again Largest MY’14 product launch Indian re-launch positive Growth through Adjacencies >$2B from acquisitions and new markets Small Vehicle sales up 188% GEM retail sales up over 50% Military revenue up significantly Global Market Leadership >33% of Polaris revenue International sales up 38% EMEA +52%, Latin America up 23% Eicher JV on plan LEAN Enterprise is Competitive Advantage Significant Quality, Delivery & Cost Improvement Gross margins up 90 bps V.P. of Customer Excellence on-board LEAN journey underway Strong Financial Performance Sustainable, profitable growth Net Income* Margin >10% Sales up 25% Net income* up 24%, EPS* up 23% Net income* margin at 10.6% Consistent Strategy, Raising the Bar Consistent Strategy, Raising the Bar Increase Net Income* >10% of Sales by 2020 7 ~12% CAGR ~13% CAGR Up 15% to 16% $3.70B to $3.73B Up 20% to 22% $375M to $380M $850 Million >$8.0 Billion * from continuing operations

Bennett Morgan President & COO Third Quarter 2013 Earnings Results October 22, 2013 POLARIS INDUSTRIES INC.

N.A. Retail and Dealer Inventory N.A. Retail and Dealer Inventory Q3-2013 Polaris Sales Continue Strong; Healthy Polaris N.A. Retail Sales Continue Strong; Dealer Inventory Healthy Total Dealer Inventory Change* Year-Over-Year Dealer Inventory Best in Powersports Plus JANFEBMARAPRMAYJUNJULAUGSEPOCTNOVDECUnits 201320122011201020092008Polaris N.A. retail sales improved to +12% in Q3; YTD now +10% N.A. Powersports industry retail sales accelerated in Q3, up low double digits Polaris Q3 N.A. dealer inventory up 16% vs. 2012, new segments; higher snow shipments Q3 ORV Dealer Inventory up high-teens % vs. 2012 driven by both ATV and SxS New market segments and model year 2014 shipments driving inventory growth Motorcycle dealer inventory up single digits vs. 2012; down sequentially from Q2 ’13 New dealers, initial shipments of Indian motorcycles Continuing to optimize RFM business model execution *Reflects the percentage change of select components for total N.A. dealer inventory from Q3’12 to Q3’13. Does not reflect year-over-year dealer inventory percentage change by product line. 9 +16% +6% +5% +1% +2% +2% Sept 2012EndingInventoryExistingORVModelsNewORVSegmentsNewMotorcycleSegments &RFMSnowmobilesNewDistributionSept 2013EndingInventory

Victory® Cross Country 8-Ball Cross Roads 8-Ball MY’14 Victory Factory Custom Paint Program Indian® Chief® Classic Chief® Vintage Chieftain® RANGER® CREW 900 570 EFI CREW 570 EFI RZR® XP 1000 XP 4 1000 (Oct. ’13) 800 XC Sportsman® 570 EFI ` Touring 570 EFI 850 LE’s Model Year 2014 New Product Introductions Model Year 2014 New Product Introductions Q3-2013 Largest Launch in Polaris History Largest New Product Launch in Polaris History MY’14 MOTORCYCLES MY’14 OFF-ROAD VEHICLES 10

SxS SxS ATV ATV FY 2012FY 2013GuidanceSxS SxS ATV ATV Q3 2012Q3 2013Industry Polaris Best in Powersports Plus Best in Powersports Plus Q3-2013 N.A. ORV Retail Sales Q3 2013 Polaris ORV Sales ($ in millions) ORV on the Gas with Product News ORV on the Gas with Product News Polaris retail up in Q3 Q3 2013 retail sales for ORV were up low-teens % Both side-by-sides and ATVs experience double digit retail sales growth Market share remains strong in ORVs Model Year ’14 products well-received & shipping RZR XP 1000 high initial retail turns <10 days RZR XP 4 1000 just announced – shipping mid-Q4 More MY 14.5 ORV news coming Off-Road Vehicles Up 11% - 12% +23% $702.0 +22% $2,226 $573.0 Up low-double digits% Up low- teens % Q3 2013 HARDEST WORKING SMOOTHEST RIDING WORKINGSMOOTHEST RIDINGRAZOR SHARP PERFORMANCE RAZOR RANGER® CREW® 900 RZR® XP 1000 11 Sportsman® 570 EFI

12 Q3-2013 Growth Through Adjacencies Growth Through Adjacencies Polaris Defense Exciting Opportunities for Future Exciting Opportunities for Future Growth Polaris Commercial Revenue up double digits % in Q3’13 Expect slower retail ramp due to customer purchase process Investing in additional marketing and staffing to drive awareness and conversion Product attributes winning customers Strong Q3 revenue growth International sales continue to improve after 1H’13 Awarded several contracts Special Operations LTATV (est. $29M / 5 yrs) Special Operations ATV (est. $9M / 5 yrs) Small German Army contract for MV850 MV850 FY 2012ActualFY 2013ExpectationsSales FY 2012ActualFY 2013ExpectationsSales

Q3 2012Q3 2013FY 2012FY 201313 Q3-2013 Expect retail and share growth again for season-ending March 2014, currently #2 Share down STD – peak retail selling season forthcoming Dealer inventory up 12% due to earlier MY’14 shipment timing MY’14 800 Switchback Pro-R 800 won Crossover Snowmobile of the Year by SLEDHEAD High excitement for new products from consumers – waiting for snow Best in Powersports Plus Best in Powersports Plus STD 2013 N.A. Snowmobile Retail Sales Polaris Sales (in millions) Inventory Good Shape, Heading into Key Retail Selling Season Inventory in Good Shape, Heading into Key Retail Selling Season Snowmobiles Up low-single digits % +25% $143.6 +1% $283.0 $114.9 Guidance IndustryPolarisUp mid-teens % Down Mid- Single Digits % UPDATE

Best in Powersports Plus Best in Powersports Plus Q3-2013 Q3 2013 N.A. Motorcycle Industry 1400cc+ Polaris Motorcycle Sales (in millions) Q3 2013 Two Exciting American Motorcycle Brands Polaris Q3 and YTD sales down modestly Dealer inventory up single digits – dealer adds, Indian Victory Q3 N.A. retail up over 30%; share up in Q3 Indian motorcycle re-launched in Sturgis – huge success Shipments began late Q3, presold and display orders Indian dealer sign-up accelerating Motorcycles FY 2012FY 2013GuidanceUp 15% - 20% +46% $195.8 Q3 2012Q3 2013$52.4 -6% $49.4 Up about 20% Up over 30% 14 Industry Polaris Indian Motorcycle Launch in Sturgis, SD – August 3, 2013

Growth Through Adjacencies Growth Through Adjacencies Q3-2013 Polaris Small Vehicles Sales (in millions) Q3 2013 Building a Successful Small Vehicle Business Building a Successful Small Vehicle Business Aixam Mega integration on track Gained share in Q3 Goupil increased revenue in Q3 GEM sales down due to timing of shipments Retail sales up over 50% New GEM eM 1400 announced – shipments expected late-Q4’13 / early-Q1’14 Small Vehicles FY 2012FY 2013GuidanceUp over 150% +268% $44.4 Q3 2012Q3 2013$11.0 188% $31.7* * Includes Aixam Mega 15 $4+ Billion Market Opportunity (Enclosed Quadricycle) New MY’14 GEM® eMTM1400 Worldwide Small Vehicle Market

ORV 67% FY 2012FY 2013GuidanceBest in Powersports Plus Best in Powersports Plus Q3-2013 Polaris PG&A Sales ($ in millions) Q3 2013 PG&A Growth Accelerating PG&A Growth Accelerating Record Q3 sales; up 37% ORV sales up 28% Motorcycles up 56% - includes Klim in 2013 Snow up 70% - includes Klim in 2013 Klim Q3 sales up on proforma basis All categories and regions increased sales >20% vs. Q3 New distribution center open in Wilmington, Ohio Introduced over 300 new MY14 accessories plus an expanded apparel line-up Entering Inverter Generator category with Polaris Power Q4 ’13 48% Parts 40% Apparel 12% Q3 2012Q3 2013+37% $176.0 +13% $460.8 $128.6 Up about 30% Accessories Q3 2013 Sales by Category Q3 2013 Sales by Product Line MY’14 PG&A Products Motorcycles 7% Small Vehicles 4% Snow 16% Other 6% PG&A 16 Polaris POWERTM Portable Inverter Generator RZR XP 1000 with LOCK&RIDE® Accessories

International Q3 Results International Q3 Results Q3-2013 2013 Objectives Gaining Share in Challenging Economic Environment Gaining Share in Challenging Economic Environment ORV 43% Small Vehicles 19% PG&A 17% Q3 2012Q3 2013FY 2012FY 2013GuidanceUp about 25%* +38% 139.4* +9% $460.6 $100.9 Europe 70% Latin America 7% Asia 4% Aus / NZ 10% ME / Africa 9% * Includes Aixam Mega Polaris International Sales (in millions) International Q3 2013 Sales Growth EMEA +52%* ASIA PACIFIC -6% Status Update LATIN AMERICA +23% Snow 16% EMEA sales increase driven by market share gains in ORV – #1 share and growing; Aixam acquisition PG&A up 44% in Q3 Broke ground for Poland plant Australian market remains weak Q3 2013 Sales by Geography & Product International Sales Motorcycles 5% 17

Operational Excellence Operational Excellence Gross margins increased 90 bps in Q3 2013 Net income* margin solid 10.6% LEAN initiatives driving productivity gains; +6% in Q3 Factory inventory up 12% vs. Q3 2012 due to product mix and acquisitions Q3-2013 +90 bps 28.8% 29.5% +90 bps 30.4% Q3 2012Q3 2013FY 2012FY 2013GuidanceQ3 2012 Gross Margin Operating Expense Financial Services Income Taxes Other Income/ExpenseQ3 201310.7% +0.9% -0.6% +0.1% -0.2% -0.3% 10.6% LEAN Operations = Expanding Margins LEAN Operations = Expanding Margins Net Income* as a Percent of Sales Gross Margins Increase Up to +70 bps Q3 2013 Margins 18 * from continuing operations

Mike Malone V.P Finance & CFO Third Quarter 2013 Earnings Results October 22, 2013 POLARIS INDUSTRIES INC.

Continued Strong Financial Performance Continued Strong Financial Performance 2013 Full Year Guidance 2013 Full Year Guidance METRIC GUIDANCE Product Line Sales Off-Road Vehicles Up 11% to 12% Motorcycles Up 15% to 20% Small Vehicles Up over 150% Snowmobiles Up low single digits % PG&A Up about 30% International Up about 25%, incl. Aixam Total Company Sales Up 15% to 16% Gross Margins Expand up to 70 bps Operating Expenses Up slightly as a percent of sales Income from Financial Services Increase faster than sales growth Income Taxes 33.25% to 33.5% of pretax income Net Income from continuing operations Up 20% to 22% EPS, Diluted from continuing operations $5.30 - $5.37 (+20% to 22%) Share Count Approximately flat Change in Guidance Increased/ favorable Decreased/ unfavorable Unchanged Narrowed 20 Q3-2013

2013 Gross Margin Guidance 2013 Gross Margin Guidance METRIC Actual Q3 2012 Actual Q3 2013 2013 Full Year Guidance Prior Period 28.3% 29.5% 28.8% Production volume adjustments Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix Mfg. realignment projects, net Warranty costs Tooling amortization Sales promotional costs Contract Dispute Charge N/A Current period 29.5% 30.4% Up to 29.5% Change +120 bps +90 bps Up to +70 bps Improvement to gross profit margin % Impairment to gross profit margin % Neutral to gross profit margin % 21 Q3-2013

Balance Sheet & Liquidity Profile Remains Healthy Balance Sheet & Liquidity Profile Remains Healthy and Balance Sheet and Liquidity Profile $ In millions (except per share and rate data) YTD 2013 Fav / (UnFav) YTD 2012 2013 Full Year Guidance Cash $387.8 ($25.1) Decrease due to acquisition Debt $107.2 $0.1 Unchanged Credit Facility $350.0 Flat Unchanged Factory Inventory $460.6 ($50.6) Increase similar % with sales Capital Expenditures $192.4 ($126.6) About $240 million Depreciation & Amortization $64.4 ($12.9) Increase about 20% from 2012 Operating cash flow from continuing operations $381.8 $127.3 Increase about 20% from 2012 Dividend $1.26 per share $0.15 per share Increase over 2012 by 14% Polaris Acceptance Receivables $851.8 ($135.3) Increased Retail Credit – Approval Rate – Penetration Rate 58% 34% -2% flat Stable 22 Q3-2013

Scott Wine Chairman & CEO Third Quarter 2013 Earnings Results October 22, 2013 POLARIS INDUSTRIES INC.

Expect Another Record Performance in 2014 Expect Another Record Performance in 2014 Initial Thoughts 2014 Initial Thoughts US & European economies begin showing signs of stabilizing Powersports markets will benefit modestly Political climate will remain unpredictable Competitive pressure ongoing – Polaris’ game plan winning most battles Ongoing investments for future growth….. Eicher JV, Military, Latin America, capacity expansion Polaris outperformance continues: N.A. Retail expected to grow –market share gains continue EMEA repeats market share gains; headwinds subside slightly Victory share gains ongoing; Indian motorcycles gaining foothold Poland begins production 2H 2014 Another year of Industry-leading product launches: Motorcycles, Slingshot, RANGER’s, RZR’s, Sportsman’s LEAN initiatives ongoing aimed at cost, quality and inventory reductions Currencies remain unpredictable; commodities stable Validity of Strategy proven – execution key to success in 2014 24 Q3-2013

Thank you Questions?