Snowmobiles and all-terrain vehicles provider Arctic Cat Inc. (ACAT) Thursday reported third-quarter earnings that rose from last year on the back of increased sales and lower share count, but missed analysts' estimates. The company increased earnings guidance for the full year.
Arctic Cat posted net earnings of $17.85 million or $1.30 per share, up from $17.02 million or $0.92 per share for the corresponding period last year. Seven analysts, on average, polled by Thomson Reuters estimated earnings of $1.33 per share. Analyst estimates typically exclude one-time items.
Revenue for the quarter totaled $218.01 million, up from $207.02 million a year ago, helped by North American sales of Wildcat and Prowler side-by-sides, and all-terrain vehicles. Analysts, however, had predicted that the company would clock net sales of $224.38 million for the quarter.
Looking ahead, the company said it now expects 2013 earnings per share in the range of $2.75 to $2.85, up from the previous guidance range of $2.65 to $2.75 per share. The company left the annual revenue estimates unchanged at $664 million to $684 million.
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