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Cascade Down 14% on Q1 Results
Cascade Corp. (CAE - Snapshot Report) reported a fiscal first-quarter loss that sharply missed Wall Street expectations late Thursday, sending shares lower this morning by more than 14%.
The company lost 67 cents per share in the quarter, while analysts were expecting a profit of 7 cents.
Sales dropped 49% to $76.3 million due to the weaknesses in the lift truck market.
Cascade expects global demand for lift trucks to continue to deteriorate for the rest of fiscal 2010 and into 2011.
The consensus estimate for the fiscal year ending January 2010 has remained steady at $1.06 over the past month.
This Zacks #3 Rank ("Hold") company is trading on volume of 200,000 shares, in contrast to the daily average of 112,141.
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| Market Summary | Nov 26, 2009 12:52 pm ET |
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