Arctic 1Q earnings up 22%
Arctic Cat Inc., Thief River Falls, Minn., reported net sales of $102.6 million for the fiscal 2005 first quarter ended June 30, 2004, up 33% versus $77.2 million in the same period last year. Net earnings for the quarter rose 22% to $124,000, or 1 cent per diluted share, compared to net earnings of $102,000, or $0.00 per diluted share, in the prior-year period.
Arctic says ATV sales increased 24% to $39.2 million versus $31.5 million in the first quarter of last year; snowmobile sales rose 46% to $50.7 million compared to $34.8 million in the prior-year first quarter, primarily due to the timing of shipments, it said; and parts, garments and accessories sales totaled $12.7 million, up 16% versus $10.9 million in the year-ago period.
Arctic Cat also repurchased 334,200 shares of its common stock under an existing share repurchase authorization, and, in June, the company announced that its board authorized a new $20 million share repurchase program.
Wholesale sales to dealers occurred at a faster pace than what Arctic projected across all product lines, said Christopher A. Twomey, chairman and chief executive officer.
Arctic Cat currently anticipates fiscal 2005 second-quarter net sales for the period ending September 30, 2004, to range between $245 million to $255 million, compared to $237.7 million for the same period last year. Net earnings for the quarter are estimated to be between $0.99 to $1.02 per diluted share versus earnings of $0.98 per diluted share in the prior-year quarter.
Arctic Cat anticipates net sales for the fiscal year ending March 31, 2005, will grow 4% to 8% and be in the range of $676 million to $700 million. Full-year diluted earnings per share are estimated to grow 4% to 8% and be in the range of $1.46 to $1.51.
Yamaha 1Q Net Sales Rise 14.8%
Japan’s Yamaha Motor Co. reported consolidated net sales for the first quarter ended June 30, 2004, were $2.657 billion and represented a 14.8% increase from the same period of the previous year.
Compared to results from the same quarter last year, first quarter consolidated operating income of $202.1 million was up 67.8%, consolidated recurring profit climbed 41.5% to $210.2 million, and consolidated net income was $104.2 million, up 32.7%.
Yamaha said sales growth was attributable to increased sales in all business segments, including the motorcycle, marine product and power product. Sales grew mainly in Japan, Europe and Asia.
Yamaha’s motorcycle sales rose 14.5% from the same period of the previous year to $1.447 billion, principally the result of sales expansion in Europe and Asia, the company said, adding that cycle sales declined in Japan and North America.
Led by sales growth for ATVs in Europe, power product sales rose 7% to $411.4 million; sales of marine products climbed 7.9% to $513.8 million, reflecting increased sales of mainstay outboard motors in North America and Europe, Yamaha said.
By market, sales in North America remained about the same as the previous first quarter, at $776.1 million; sales in Japan climbed 5% to $365.8 million; sales in Europe rose 30.4% to $789.9 million; and sales in Asia increased 40% to $534.7 million. Sales in other areas declined 5.7% to $189.6 million.
Suzuki 1Q Profit up 31.4%
uzuki 1Q Profit Up 31.4%
Suzuki Motor Corp. said profit for its first quarter ended June 30 was up 31.4% as net income increased to $150 million, or roughly 27 cents a share, from $113.3 million, or approximately 20 cents a share, a year earlier.
Sales for the period were up 2.1% to $5.280 billion from $5.171 billion a year earlier. First-quarter pretax profit from operations was up 16%to approximately $257.2 million. Operating profit, or sales minus the cost of goods sold and expenses, climbed 12% to nearly $247.3 million.
The manufacturer said its higher profits are mainly due to brisk automobile sales in Japan and abroad. Suzuki sold 413,000 automobiles in the quarter, up 15.5% from the year-before level.
A total 420,000 motorcycles were sold during the first quarter, up 5.3% from last year. Domestic motorcycle sales fell 34% to 31,000 units, while overseas sales rose 10% to 388,000 units on the back of expansion in Indonesia and Thailand. The company said motorcycle sales for its first quarter may account for 30% of its annual cycle sales.
Fifteen percent of the company’s total revenue for the first quarter came from North America, 21% came from Asian markets outside of Japan, and 24% of total revenue came from Europe. psb