The Arctic Cat's
third-quarter earnings fell 19% from a year ago as slightly higher sales were offset by rising raw materials costs. The results easily beat analyst estimates, however.
The Arctic Cat earned $4.7 million, or 24 cents a share, in the quarter, compared with $5.8 million, or 28 cents a share, a year ago. Sales were $195.3 million, compared with $188.9 million. Analysts had been forecasting earnings of 22 cents a share on sales of $189.3 million in the most recent quarter.
"Despite increased raw material costs, we were pleased to report a solid performance during the quarter and first nine months, and we remain on track to post our 6th consecutive year of record revenues," Arctic Cat said. "Our results have been driven by increased ATV sales and further ATV market share gains for the quarter and year to date. We are very pleased that Arctic Cat's ATV sales continue to outpace the industry. We attribute our success to growing recognition of our best-in-class products, and Arctic Cat's reputation for innovation and technology leadership."
For the fourth quarter, Arctic Cat expects to earn 9 cents to 13 cents a share on sales of $160 million to $170 million. Analysts surveyed by Thomson First Call were forecasting 12 cents a share on sales of $153.3 million.
Shares jumped $1.45, or 6.7%, to $23.23.