Arctic Cat Reports 130 Percent Boost In Income
A lineup full of new snowmobile models plus strong sales of all-terrain vehicles helped Arctic Cat exceed analysts’ expectations for yearly sales and earnings. The Minnesota-based maker of snowmobiles and ATVs reported a 26 percent increase in net sales and a 130 percent increase in net income for Arctic Cat’s just completed fiscal year.
For the year-ended March 31, Arctic Cat reported sales of $585.3 million versus sales of $464.7 million for the previous year, and earnings of $29.9 million, up from $13.0 million. Analysts were expecting sales for the year of $579.5 million.
In the company’s earnings release, Arctic Cat President and CEO Claude Jordan said “double-digit sales gains in our snowmobiles and all-terrain vehicle segments were fueled by the introduction of innovative products and technologies,” which included the new ProCross and ProClimb snowmobiles, and Wildcat side-by-side vehicle.
Arctic Cat’s 2012 model line-up helped drive snowmobiles sales up 38 percent to $250.4 million compared to $182.0 million in the previous year. Arctic Cat says it had five of the top 10-selling snowmobile models for the 2012 model year.
The company’s outlook for the 2013 fiscal year assumes industry-wide ATV and snowmobile sales in North America will be flat to down 5 percent, and flat to up 2 percent, respectively.