Cascade Shares Slip After 4th-quarter Loss
WASHINGTON (AP) ¿ Shares of Cascade Corp. slipped Friday after the maker of forklift attachments, hydraulic cylinders and other loading gear reported a fiscal fourth-quarter loss.
In afternoon trading, Cascade shares lost 56 cents, or 2.8 percent, to $19.40. They earlier traded as low as $18.14. The company's stock has traded between $12.81 and $53.76 over the last 52 weeks.
Cascade on Thursday recorded a quarterly loss of $30.5 million, or $2.82 per share, compared with net income of $8.8 million, or 74 cents per share, in the same period last year. The latest quarter's results reflect a $46.4 million asset impairment charge.
Rodman & Renshaw analyst Joe Giamichael reduced his fiscal 2010 revenue estimate to $404 million from $448.8 million, and his earnings estimate to $1.27 per share from $1.55 per share.The analyst also lowered his share price target to $25 from $40 due to weak year-over-year results and the weak macro environment. However, he told clients Cascade continues to provide a compelling investment opportunity for longer-term investors because of its share of the global market place and strong customer relationships.
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