Arctic Cat Inc. CEO Christopher Twomey, who led the snowmobile and ATV maker for 24 years and built it into a $450 million business, will step down at the end of 2010, the company said Thursday.
Chief Operating Officer and President Claude Jordan will succeed Twomey, who will stay on as executive board chair.
The Plymouth-based outdoor sport vehicle manufacturer also reported Thursday that second fiscal quarter earnings motored up 20 percent on higher snowmobile and ATV sales. Shares of Arctic Cat were up $1.59, or nearly 13 percent, to $13.98 per share, in late-morning trading.
Arctic Cat (NASDAQ: ACAT) earnings grew to $17.8 million, or 97 cents per share, on sales of $175.8 million, up 5.7 percent from the prior-year period ended Sept. 30.
Analysts polled by Thomson Reuters estimated quarter-end earnings of 90 cents per share on revenue of $167.65 million.