Arctic Cat Announces Earnings & New CEO

Arctic Cat CEO Christopher Twomey announced he will step down at the end of the year and will be succeeded by Claude Jordan who currently overseas the ATV business segment.  Arctic Cat also announced better than expected earnings for their second quarter that ended September 30.  The ATV business, which includes UTVs grew by 9%, from $51.7 million to $56.6 million compared to the same quarter last year.  In their earnings conference call management stated that the growth was driven by sales of their Prowler HDX and growth in international markets.  The HDX targets the work rather recreation portion of the UTV market.   Management also reported maintaining market share in the segment.  In comparing half year totals, the ATV business grew from $83.9 to $84.5 million or 1%, indicating that majority of the sales and growth occurred in the second quarter.  Combined with the recent earnings news from Polaris, indications are that the UTV market is gaining some momentum.  Learn more:

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