Arctic Cat lowers outlook for Q3 on lackluster ATV sales
Arctic Cat Inc. (Nasdaq: ACAT) this morning said it is lowering its sales and earnings outlook for its fiscal 2008 third quarter on account of lower-than-anticipated sales of all-terrain vehicles.
For the three months ended Dec. 31, 2007, the manufacturer of all-terrain vehicles said it anticipates net sales of $155 million to $160 million, down from the company’s previous forecast of $170 million to $180 million. The small cap earned $228.1 million in the same period last year. The consensus of four analysts polled by Thomson Financial was for revenue of $174.78 million.
For it’s bottom line, Arctic Cat said it now expects a net loss of $0.55 to $0.60 per share, down from the previous forecast of a net loss of between $0.30 and $0.37 per share, primarily due to a reduction in snowmobile production during the current fiscal year. In the third quarter last year, Arctic Cat posted earnings per diluted share of $0.43, which included an income tax benefit of $0.03 per diluted share. The consensus of six analysts polled by Thomson Financial was for a net loss of $0.32 per share.
Shares of Arctic Cat (ACAT) were halted in pre-market trading.
