Motorsports collectibles manufacturer
Action Performance Cos.
posted better-than-expected results and raised its full-year guidance, saying its revenue growth was due to higher die-cast sales.
The company earned $12.5 million, or 66 cents a share, up from $10.2 million, or 58 cents a share, a year ago. Excluding one-time charges, Action earned $13.5 million, or 72 cents a share, up almost 65% from $8.2 million, or 48 cents a share, last year. On that basis, analysts polled by Thomson Financial/First Call had been looking for 67 cents a share.
Sales were up 21% to $112.1 million from $93 million, while earnings before interest, taxes, depreciation, and amortization were up 35% to $28.6 million.
For the fourth quarter, Action expects earnings per share of 73 cents on revenue of $116 million, compared to the consensus estimate of 71 cents on $109.4 million in revenue. For the full year, the company sees EPS of $2.49 on revenue of $412 million, above the consensus of $2.43 on revenue of $403.5 million.
Shares of Action Performance closed at $24.45 Friday before the earnings release.