Bloomberg News

Cascade Rises Most in Russell 2000 After Profit Beats Estimates

June 08, 2010

Cascade Corp. rose the most in the Russell 2000 Index after reporting earnings that more than doubled analyst estimates.

The Fairview, Oregon-based machinery company said earnings excluding some items were 51 cents a share, more than double the average analyst estimate in a Bloomberg survey of 24 cents.

Sales rose 19 percent excluding the impact of foreign currencies to $94.4 million in the first quarter “as a result of improving economic conditions and an improving lift-truck market,” the company said in a press release.

Cascade also approved a dividend of 5 cents a share, payable on July 16 to shareholders of record as of July 1. That’s an increase from the previous 2 cent-a-share amount.

The company was raised to “market outperform” from “market perform” at CJS Securities by equity analyst Arnold Ursaner.

Cascade’s shares rose 18 percent to $32.40 as of 10:32 a.m. in New York.

To contact the reporter on this story: Joanna Ossinger at jossinger@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.


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