Blount International Inc., which makes chains for chain saws, said Monday that its second-quarter net income more than doubled on a jump in sales, and it raised its expectations for revenue and operating income this year.
The company said it earned $10.4 million, or 22 cents per share, in the three months that ended June 30. That's up from earnings of $4.2 million, or 9 cents per share, in the same period last year.
Revenue rose nearly 31 percent to $149 million, helped mainly by sales abroad that it expects to keep growing.
Analysts polled by Thomson Reuters, who typically exclude one-time items, expected Blount to report earning 20 cents per share on sales of $141.3 million.
The company boosted its 2010 revenue forecast to a range from $580 million to $600 million. It previously expected $550 million to $570 million, which amounted to 6 to 10 percent more than 2009 revenue.
It also boosted its expectation for operating income to range from $87 million to $90 million, ahead of its prior estimate of $80 million to $85 million. This assumes $7 million to $8 million reduction in full-year operating income related to changes in foreign currency compared to 2009 and full year steel costs that are comparable to 2009. That's up from the prior estimate of $6 million to $7 million.