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    Arctic Cat 3Q earnings up, company raises outlook

    Associated Press – Thu, Jan 26, 2012

    MINNEAPOLIS (AP) — Arctic Cat Inc. said Thursday that more sales of snowmobiles and all-terrain vehicles helped it nearly double quarterly earnings and beat Wall Street expectations.

    With the better-than-expected fiscal third quarter, the company raised its profit and sales forecasts for the fiscal year that ends March 31.

    Arctic Cat shares jumped in morning trading, rising $3.39, or 14.2 percent, to $27.20.

    Net income in the quarter ended Dec. 31 was $17 million, or 92 cents per share, compared with $9.3 million, or 50 cents per share, a year earlier.

    Analysts surveyed by FactSet expected 58 cents per share.

    Revenue rose to $207 million from $152 million, beating the analysts' forecast of $181.8 million.

    Snowmobile sales rose 61 percent to $125.2 million, all-terrain vehicle sales grew 12 percent to $54.4 million, and sales of parts, clothing and accessories increased 7 percent to $27.4 million.

    The company said gross profit margins increased due to higher sales and prices, a richer mix of products, and lower sales incentives.

    For the year ending in March, the company expects earnings of $1.60 to $1.70 per share, up from a previous forecast of $1.10 to $1.15 per share. Analysts were looking for $1.22 per share.

    Arctic Cat expects full-year sales of $568 million to $575 million, up from a prior range of $530 million to $545 million. Analysts had forecast $544 million.

     

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