Cascade's 3Q profit falls but beats estimates

PORTLAND, Ore. - Cascade Corp., which makes forklift attachments, hydraulic cylinders and other loading gear, said Thursday its third-quarter profit fell 16 percent on lower sales in North America, Europe and China.

For the quarter ended Oct. 31, Cascade earned $10.4 million, or 94 cents per share. That topped analysts' expectations of 85 cents a shares, according to a poll by Thomson Reuters. The company earned $12.4 million, or $1 per share, for the same quarter last year.

Sales fell 2.8 percent to $139.1 million from $143.1 million. Wall Street had anticipated $143 million in revenue.

North American sales fell 5.5 percent to $69.7 million, while Europe sales dropped 2.9 percent to $42.1 million and China sales fell 4.9 percent to $10 million. Asia Pacific sales rose 12 percent to $17.3 million on strong demand from Korea and Australia.

The recent quarter's results also included a $1 million increase in foreign-currency losses.

The Fairview, Ore., company said it expects sales, as well as global demand for lift trucks, to be down by as much as 30 percent for the rest of 2009 and in fiscal 2010.

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