Escalade (ESCA) is weaker near midday Monday but earlier hit a new nine-year high after the sporting goods manufacturer topped its year-ago results with Q1 earnings, driven largely by cost-cutting.
Shares are down 3.26% at $14.52, but had soared earlier to $15.26 – its highest since June 2004.
ESCA reported Q1 net income of $2.3 million, or $0.16 diluted earnings per share, compared with the prior-year period’s $1.6 million or $0.12 diluted earnings per share. Revenue was $34.07 million, up 7% from $31.84 million in the same quarter last year.
ESCA said the increase in net income for the quarter was driven by cost cutting measures implemented last year in the Information Security and Print Finishing segment and sales increases in the Sporting Goods segment attributable to new product development, brand marketing and product expansion, which increased consumer demand for the company’s products.
No analyst estimates were available for comparison.