ASV raises 2003 outlook
June 30, 2003
Filed under Uncategorized
ASV, Inc., Grand Rapids, Minn., (Nasdaq:ASVI) has raised its net sales and earnings expectation for 2003. Based on increased demand for its R-Series Posi-Track products, and increased demand for its rubber track undercarriages used on Caterpillar Inc.’s Multi Terrain Loaders, ASV has raised its expected sales to the range of $65-72 million for the 12 months ending Dec. 31, 2003. ASV also has raised its expected earnings to the range of 43 cents to 49 cents per diluted share for the same 12 months.
ASV’s previously announced ranges for net sales had been $57 million to $65 million for fiscal 2003, with earnings per share of 33 cents to 43 cents per diluted share for fiscal 2003.
“It appears the marketplace is definitely embracing the rubber track concept, a concept we helped pioneer over 15 years ago,” said ASV President Gary Lemke. “We now believe the North American market for rubber track loaders could be in the range of 8,000 to 9,000 units for 2003. We believe our strategic alliance with Caterpillar has positioned ASV well to capitalize on this opportunity for growth.”
With the revision in net sales and earnings for fiscal 2003, ASV is increasing its anticipated net sales for the second quarter of 2003 to the range of $20 million to $22 million. Earnings per share for the second quarter of 2003 are anticipated to be in the range of 13 cents to 16 cents per diluted share. ASV will provide further guidance for its anticipated net sales and earnings per share for its third and fourth quarter of 2003 during its second quarter conference call, which is expected to take place on Thursday, July 24, 2003.
ASV designs, manufactures and sells all-purpose crawlers and related accessories and attachments. The company also manufactures rubber track undercarriages which are a primary component on Caterpillar’s Multi Terrain Loaders.
Harley-Davidson sales picking up
Harley-Davidson, Inc., said it is pleased with its second-quarter retail sales since the weather has warmed.
The motorcycle maker said it expects retail registrations of its bikes in the second quarter to grow faster than the overall motorcycle industry.
Harley-Davidson, which typically does not provide mid-quarter guidance, said it issued the statement to clarify a “nonintentional” comment by one of its executives that was based on 10 days of June retail data.
In April, the Milwaukee-based manufacturer, whose touring bikes include the popular Fat Boy and Road King models, said the long winter had delayed consumer purchases and hurt retail sales through March.
Analysts have noted that Harley dealers said demand for bikes had picked up recently as the weather improved.
The company raised the target in April to 10% above last year’s output, saying demand was outstripping supply and straining capacity. The company said it was in the process of adding factory capacity so it could boost production.
Oakley, Luxottica settle lawsuits
Oakley, Inc., the Foothill Ranch, Calif., maker of sunglasses and apparel, has settled two patent and intellectual property lawsuits against Italy’s Luxottica Group SpA, the maker of Ray Ban sunglasses.
Oakley said neither party admitted any wrongdoing, and a preliminary injunction against Luxottica’s Sunglass Hut unit has been dropped.
Oakley said it will continue to use a patented optical-correction technology in its twin-lens sunglasses, and Luxottica can use an agreed-on alternative technology for its sunglasses.
Honeywell Honors Featherlite
Featherlite, Inc., the Cresco, Iowa, manufacturer of trailers, has been awarded the 2002 Supplier Excellence Award for superior performance and product manufacturing by Honeywell Federal Manufacturing & Technologies (FM&T). Honeywell contracted with Featherlite to build three 53-foot logistic support trailers to be used by the Department of Energy.
Honeywell’s supplier excellence award nominations are evaluated based on delivery performance, quality performance, technical support, order administration, cost control and responsiveness. Featherlite was praised for its design, fabrication and delivery of the three trailers in addition to the excellent communication.