Blount International Inc. beat Wall Street's earnings expectations in the first quarter and boosted its financial forecast for the year to reflect an ongoing recovery in orders.
The Portland-based manufacturer of outdoor equipment released its earnings last week. It earned $8.8 million, or 18 cents per diluted share in the quarter ended March 31, compared to $1.0 million, or 2 cents per diluted share, in the same period last year.
Analysts surveyed by Thomson Financial had expected the company to earn 14 cents a share.
Sales were $136.7 million in the first quarter, a 17.3 percent increase from the first quarter of 2009.
Blount expects 2010 revenue of $550 million to $570 million, up from its earlier forecast of $530 million to $550 million in sales. The company said it has had a 33 percent increase in sales order backlog from the end of 2009.
Analysts surveyed by Thomson Financial had expected the company to earn 14 cents a share.
Sales were $136.7 million in the first quarter, a 17.3 percent increase from the first quarter of 2009.
Blount expects 2010 revenue of $550 million to $570 million, up from its earlier forecast of $530 million to $550 million in sales. The company said it has had a 33 percent increase in sales order backlog from the end of 2009.
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