Arctic Cat 2Q net income rises on new vehicles
MINNEAPOLIS -- Arctic Cat Inc. said Thursday its fiscal second-quarter net income rose 17 percent on demand for new recreational vehicles.
The Minneapolis company also raised its forecast for the full fiscal year that ends in March.
In the July-September quarter, it earned $25 million, or $1.80 per share, compared with $21.4 million, or $1.15 per share, a year earlier.
Revenue rose 12 percent, to $229.0 million from $204.8 million.
Analysts expected a profit of $1.79 per share on revenue of $232.8 million, according to a FactSet survey.
Arctic Cat began shipping its new 2013 model year all-terrain and recreational vehicles during the quarter. The company also introduced the new Wildcat 1000 Limited side-by-side, which it said was well-received by customers.
For the fiscal year that ends March 31, Arctic Cat now expects to earn $2.65 to $2.75 per share, up from a previous estimate of $2.55 to $2.65 per share. Analysts expect a profit of $2.86 per share.
The company predicts revenue of $664 million to $684 million, up from a previous forecast of $662 million to $682 million. Analysts forecast revenue of $683.7 million.