Palm Beach, FL 5/15/12 (StreetBeat) -- Arctic Cat Inc (Nasdaq: ACAT) posted a smaller quarterly loss but the snowmobile maker forecast weak full-year results as it expects softness in North America sales.
Arctic Cat shares, which have doubled in value so far this year, fell 23 percent to a low of $35.44 on Tuesday on the Nasdaq.
The company forecast full-year earnings of $2.40 to $2.50 per share on sales of $631 million to $650 million. Analysts expected a profit of $2.70 per share on sales of $659.8 million, according to Thomson Reuters I/B/E/S.
Arctic Cat said it expects North America industry retail sales of all-terrain vehicles to be flat to down 5 percent and North America industry retail sales of snowmobiles to be flat to up 2 percent.
The company's fourth-quarter net loss narrowed to $6.2 million, or 49 cents per share, from $9.6 million, or 52 cents per share, a year ago.
Sales rose 26 percent to $98.5 million.
Analysts expected a loss of 56 cents per share on revenue of $92.7 million, according to Thomson Reuters I/B/E/S.
Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail email@example.com or call (662) 392-0740 for pricing and scheduling.