Blount International Inc. (NYSE:BLT) reported Monday stronger-than expected second-quarter earnings, driven primarily by a 40.6% revenue increase from a year ago in its international segments.
The seller of equipment and accessories for the forestry, garden and construction industries posted net income of $10.4 million, or 22 cents a share, compared with $4.2 million, or 9 cents a share, in the same quarter last year, and landing just ahead of average analyst estimates of 20 cents, according to a Thomson Reuters poll.
Revenue for the Portland, Oregon-based company was $149 million, up 30.7% from $114 million the earlier-year period, and beating the Street’s view of $141.33 million.
Sales were boosted by a 31.5% increase in its outdoor products segment, mostly in its international segments.
“Our performance in the second quarter continued to trend upward, with improving sales levels and robust customer order patterns,” Blount CEO Josh Collins said. “During the second quarter we made good progress in executing our longer term strategy by deploying new products to the market, initiating cost reduction programs through continuous improvement and supply chain efforts, and reviewing businesses for acquisition.”
Given the “strong momentum” in the company’s businesses, according to Collins, Blount revised its full-year outlook, now expecting sales in the range of $580 million to $600 million, which it believes will be driven by volume growth in international markets.
After the announcement Blount shares were trading up nearly 5%.