Polaris Industries Inc. (NYSE: PII) shares vaulted 19.5% Wednesday, after the off-road-vehicle manufacturer reported record first-quarter earnings. Stock prices for Polaris reached $108.97, or $17.79 higher than Tuesday’s close, smashing its previous 52-week high of $92.42, set last week.

Today the Minneapolis–based company announced reported record net income of $47.3 million, or $1.34 per diluted share, for the quarter ended March 31, 2011. By comparison, 2010 first quarter net income was $19.8 million, or $0.59 per diluted share. Sales for the first quarter 2011 totaled $537.2 million, an increase of 49 percent from last year’s first quarter sales of $361.7 million.

Polaris Chief Executive Officer Scott Wine commented on the financial reports, “We are extremely pleased with our first quarter results, as the momentum we built throughout 2010 continued into 2011. Retail demand for Polaris products in North America remained strong throughout the first quarter and we continued to gain market share. Our International business also remained strong with sales increasing 21% and we celebrated the grand opening of our European headquarters in Switzerland during the quarter.

Polaris, a recognized leader in the snowmobile industry; and one of the largest manufacturers of off-road vehicles in the world, launched Victory motorcycles in 1998. The Victory line represents the first all-new American-made motorcycle from a major company in nearly 60 years are making in-roads into the cruiser and touring motorcycle marketplace.

Mr. Wine continued, “Given our excellent start to the year we are significantly raising our expectations for sales and earnings for the full year 2011. We will continue to make prudent strategic investments and our strong balance sheet, with $346 million in cash on hand and only $200 million in debt at March 31, 2011, gives us the strength and flexibility to remain aggressive in identifying opportunities to accelerate growth.”