ASV revises 2002 outlook
Grand Rapids, Mich.-based ASV Inc. revised its anticipated sales and net earnings for 2002. Due to weakened construction equipment sales along with overall soft market conditions, ASV now expects its sales for the 12 months ending Dec. 31, 2002, to be in the range of $43-$47 million, with earnings per share for fiscal 2002 now expected to be in the range of $0.12-$0.16 per share.
In addition, ASV anticipates it will report sales for its third quarter ended Sept. 30, 2002 in the range of $11-$12 million, similar to sales for the third quarter of 2001. However, due to decreased selling, general and administrative expenses and decreased research and development expenses, ASV expects net earnings for the third quarter of 2002 to be in the range of $0.03-$0.05 per share, compared with $0.01 for the third quarter of 2001. ASV expects to announce final results for its third quarter of 2002 on Tuesday, Oct. 29, 2002.
ASV also announced its initial expectations for 2003 sales to be in the range of $55-$65 million, with 2003 net earnings expected to be in the range of $0.32-$0.44 per share.
"During the third quarter of 2002, ASV saw a softening in construction equipment sales, but an increase in rental activity," said Gary Lemke, ASV president.