Cascade Corp. misses Q3 profit expectations
Shares of Cascade Corp. (Nasdaq: CAE) are weighed down on news after the close on Thursday that the maker of lift truck attachments and related products reported third-quarter fiscal 2008 earnings that missed expectations.
Net income for the three months ended Oct. 31 was $12.4 million, or $1 per share, while seven analysts polled by Thomson Financial were looking for earnings of $1.08 per share. Profit during the third quarter of fiscal 2007 was $12.3 million, or $0.94 per share.
However, revenues increased 17% to $143.1 million, topping Wall Street’s forecast of $139.43 million. Revenues a year ago were $122.8 million.
The Fairview, Ore.-based company explained that the increase was primarily due to increased business from Europe. Cascade reported that shipments to the lift truck industry in Europe rose 20%, while shipments in North America declined 13%.
At 3:37 p.m. ET, shares of Cascade Corp. (CAE) had dropped $10.49, or 16%, to $53.84. The 52-week low of $49.02 was established on Dec. 8, 2006. The 52-week high of $89.87 was hit on July 10.
