Minneapolis, Minn. - Arctic Cat reported net earnings rose 172% to $5.5 million for the first quarter of 2014 driven by strong sales across all divisions.
Net sales for the first quarter of 2014 rose 9% to a record $120.8 million versus net sales of $111.3 million in the same quarter last year.
Snowmobile sales for the first quarter rose 26% to $22.6 million up from $18.0 million in the prior year. The 2014 model year sleds include new engine options from Yamaha.
"Our expanded relationship with Yamaha is proceeding smoothly," said Claude Jordan, Arctic Cat's president and chief executive officer.
ATV sales increased 5% to $76.3 million up from $73.0 million in the same period last year. This was driven by increased sleds of Wildcat X and the four-seat Wildcat 4 pure-sport side-by-sides.
"With the new products that we will launch in August 2013, we continue to expect or ATV / side-by-side business to grow 25% to 29 % this fiscal year," Jordan said.
Sales for PG&A (parts, garments and accessories) in the first quarter increased 7% to $21.9 million versus $20.4 million the prior-year's quarter.
"We benefited from late spring snowfall in North America that helped snowmobile parts sales," Jordan said.
The company anticipates sales for the 2014 full-year ending March 31, 2014 to increase 12% to 14% from $754 million in 2013 to $768 million.