Attachments giant Cascade has reported net sales of USD75.6 million for the second quarter in 2003, an 18% increase over the USD64.3 million reported in Q2 last year.
Cascade's report credited stronger sales in North America and Asia, and the strengthening of foreign currencies against the US dollar, for the performance boost. Foreign currencies contributed 9% of the Q2 increase.
The sales boost positively affected Cascade's bottom line, resulting in net income of USD5.7 million, compared to USD4.5 million in Q2 2002.
Cascade's report said US forklift shipments had increased 10% in Q2 compared to Q2 2002, which was good news for the company's US sales, which rose 14% to USD45.3 million, compared to USD39.8 million in Q2 2002.
European sales rose 23% from USD15.4 million in Q2 2002 to USD18.9 million, due to "the strengthening of European currencies" and Cascade's acquisition of FEMA Forks in March (click here for details).
Cascade president Robert Warren said the Asia-Pacific region, where sales rose 26% from Q2 2002, was "a bright spot". Cascade did not detail the sales figures.
"We're encouraged that the North American market continued to show progress and that our sales generally tracked this growth. On the other hand, European market conditions remain relatively depressed and we don't see significant improvement in the near future," Mr Warren said.
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