Arctic Cat Inc. posted record net earnings of $17.9 million, up 5 percent from $17 million during its fiscal third-quarter last year, according to a company news release. The Thief River Falls, Minn.-based snowmobile and all-terrain vehicles maker said strong sales of its side-by-side all-terrain vehicles helped drive the increase.
“We are very pleased to report record earnings per share and increased sales in our third quarter, compared to a strong prior-year quarter of double-digit sales and earnings gains,” Claude Jordan, Arctic Cat’s new chairman and chief executive officer, said in a statement. “The company’s results are in line with our expectations for continued top- and bottom-line growth. During the fiscal third quarter, we made further progress on our growth strategy to enter new market segments by introducing two new Wildcat™ pure sport side-by-sides that will begin shipping during the fiscal fourth quarter."
Arctic Cat expects fiscal 2013 earnings per share to be in the range of $2.75 to $2.85, an increase of 60 percent to 66 percent compared to fiscal 2012, the Business Journal reports.