Arctic Cat sees wider third-quarter loss
(Adds detail on full-year forecast, comparisons to Reuters Estimates, dateline)
NEW YORK, Jan 4 (Reuters) - Arctic Cat Inc (ACAT.O) on Friday widened its third quarter loss forecast citing weaker-than-expected sales of all-terrain vehicles, and said full-year profits will be much lower than initially thought.
The company, which also makes snowmobiles, sees a third-quarter net loss of 55 cents to 60 cents per share, compared with its prior net loss view of 30 cents to 37 cents per share.
Third-quarter net sales are estimated at $155 million to $160 million, down from its earlier forecast of $170 million to $180 million, the company said in a statement.
Analysts on average were looking for a third-quarter loss of 31 cents per share on sales of $176 million.
The reduced forecast reflects an industry-wide decline in sales of all-terrain vehicles (ATVs) -- those designed for off-road travel by a single rider. The company will cut ATV production by about 10 percent during the current quarter. It also plans a new $10 million stock buyback.
Arctic Cat, which will report results on January 23, said it has no long-term debt and remains in strong financial condition.
Arctic Cat said full-year earnings will be in a range on 1 cent to 7 cents per share, versus its earlier forecast of 89 cents to 95 cents per share and Wall Street's estimate of 67 cent.
Its shares closed Thursday at $12.19 on the Nasdaq.
(Additional reporting by Jennifer Robin Raj in Bangalore)
(Reporting by Nick Zieminski; Editing by Derek Caney)
((nick.zieminski@reuters.com ; +1 646 223 6162; Reuters Messaging: nick.zieminski.reuters.com@reuters.net)) Keywords: ARCTICCAT/
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