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.
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