Gehl Company reports strong Q2, downgrades yearly outlook
Gehl Company (Nasdaq:GEHL), which a manufactures and distributes compact equipment for construction and agricultural markets, today reported robust second quarter results, but downwardly adjusted its fiscal year outlook.
For the three months ended June 30, income from continuing operations was $8.8 million, or $.71 per diluted share, compared with income from continuing operations of $9.4 million, or $.75 per diluted share, for the second quarter of 2006. Three analysts polled by Thomson Financial were expecting earnings of $0.68 per share.
Net sales for the second quarter of 2007 were $135.3 million compared with net sales of $139.5 million in the second quarter last year. Two analysts polled by Thomson Financial were expecting revenues of $134.55 million.
The West Bend, Wis.-based company also adjusted its fiscal year outlook for the remainder of 2007. Gehl says it will continue to experience weakness for the second half of the year on account of the company’s current backlog position and expectations that the North American housing market will continue to experience weakness. The company says it now expects net sales from continuing operations of $465 million to $485 million and earnings per diluted share from continuing operations of $2.05 to $2.25.
