MINNEAPOLIS (AP) -- Arctic Cat Inc. returned to profitability in its first quarter thanks to a resurgent demand for all-terrain and recreational vehicles and it boosted its fiscal 2013 earnings and revenue forecasts as well.
The performance surprised Wall Street and shares jumped more than 10 percent Thursday.
For the April through June period, the Minneapolis company earned $2 million, or 14 cents per share. That compares with a loss of $2.3 million, or 13 cents per share, a year earlier.
Wall Street expected a loss of 8 cents per share.
Shares of the company soared $4.02, or 10.6 percent, to $42 in midday trading. The stock has traded in a 52-week range of $12.20 to $47.46.
Revenue increased 49 percent to $111.3 million from $74.9 million. While Arctic Cat said sales climbed across all products, it was mostly driven by Wildcat ROV and ATV sales.
The results topped the $98.8 million analysts polled by FactSet predicted.
Snowmobile sales rose 4 percent, while sales of parts, clothing and accessories gained 3 percent.
Going forward, Arctic Cat now foresees fiscal 2013 earnings of $2.55 to $2.65 per share on revenue between $662 million and $682 million. Its prior guidance was for earnings of $2.40 to $2.50 per share on revenue in a range of $631 million to $650 million.
Wall Street anticipates $2.71 per share on revenue of $666.2 million.