UPDATE 1-Polaris profit up 16.4 pct, tops Wall Street view

(Adds revenue, forecast, comparison with Reuters Estimate)

BOSTON, Jan 29 (Reuters) - Snowmobile and motorcycle maker Polaris Industries Inc (PII.N) reported a 16.4 percent rise in quarterly earnings on Tuesday, topping Wall Street expectations, on strong sales.

Fourth-quarter net rose to $37.7 million, or $1.06 a share, from $32.4 million, or 83 cents a share, a year earlier.

Profit from continuing operations was $1.07 per share, topping analysts' average estimate of $1.04, according to Reuters Estimates.

The Minneapolis-based company said sales rose 20.7 percent to $541.4 million.

Polaris said it expects 2008 profit of $3.28 to $3.40 per share, with sales up 3 percent to 5 percent. Analysts' average profit forecast is $3.43 per share. (Reporting by Scott Malone; editing by John Wallace)