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California and the West | EARNINGS ROUNDUP

K2 earnings up on sales of winter sports gear

October 26, 2006|From the Associated Press

K2 Inc., the Carlsbad, Calif.-based sporting goods maker, said third-quarter profit rose 29%, helped by record sales of winter gear including skis, snowboards and performance apparel.

Net income rose to $21.5 million, or 40 cents a share, from $16.7 million, or 32 cents. Excluding option costs and amortization, adjusted profit rose to $23 million, or 43 cents a share, from $18.1 million, or 34 cents. Sales rose 4.9% to $356.9 million.

Analysts had forecast earnings per share of 38 cents and revenue of $356.5 million, according to Thomson Financial.

K2, which also makes fishing rods, mountain bikes and softball hats, said it expected sales of $1.36 billion to $1.38 billion for the year, bracketing the average Wall Street estimate of $1.37 billion.

Net income for the year is expected to be 73 cents to 76 cents a share, while adjusted profit would be 83 cents to 86 cents a share, versus the average analyst estimate of 85 cents a share.

K2 shares rose 14 cents to $13.15.

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