Arctic Cat Surging on Q3 Results, Guidance
Shares of Arctic Cat (NASDAQ: ACAT) are seeing much strength during Thursday's trading session after the company reported third quarter results which thrilled investors.
Arctic Cat reported third quarter earnings of $0.92 per share on revenues of $207 million. The Street was expecting earnings per share of $0.59 on revenues of $181.8 million.
Commenting on the positive results, CEO Claude Jordan said, “We are very pleased with the company's strong third-quarter and year-to-date performance. Arctic Cat continued to execute well during the quarter, producing double-digit sales and earnings gains."
He continued, “Our focus on introducing innovative products and technologies, such as our extensive new snowmobile line-up and the Wildcat sport side-by-side, contributed to the strong third-quarter results and helped generate increased sales across all product lines.”
Arctic Cat expects higher snowmobile retail sales in fiscal 2012, due to its new model line-up. The company also anticipates continued gains in its ROV business, fueled by the competitive strength of the Prowler side-by-side offerings and the growth potential for the Wildcat pure-sport ROV model. Additionally, the company remains focused on further enhancing profitability through operational efficiencies.
Currently, shares of Arctic Cat are trading over 22% higher at $29.31.
