Amer Sports in Q3 profit of $77 million

AP News
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Posted: Oct 27, 2011 12:09 PM
Amer Sports in Q3 profit of $77 million

Global sports equipment maker Amer Sports Corp., whose brands include Atomic, Salomon and Wilson, saw third-quarter net profit grow 16 percent to euro55.3 million ($77 million) on surging sales.

The Finnish company said Thursday that revenue in July through September increased 20 percent to euro560 million ($779.91 million), from euro467 million a year earlier. Net profit in the period in 2010 was euro47 million.

Amer stock jumped more than 10 percent on the news but settled to close up 5 percent at euro10.44 ($14.54) on the Helsinki Stock Exchange.

CEO Heikki Takala said the "strong period with good growth" was boosted by earlier deliveries compared to last year, especially in winter sports and apparel, but that an "overall soft tennis market" had hit the racket sector.

"We stay on the path set last year as our strategy is working," Takala said. "We continue executing the strategic programs guided by our financial targets, with strong focus on synergies, internal improvement and organic growth."

Amer, which traditionally has its strongest quarters in the second half of the year, said it expects full-year sales to grow by some 9 percent and profitability to improve, buoyed by growth in winter sports equipment pre-orders and better efficiency.

Helsinki-based Amer sports employed some 7,100 people at the end of September _ up from 6,600 a year earlier.

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Online:

Company site: http://www.amersports.com