Source AP ©

Amer Sports 3Q net profit increases 5 percent

Finnish Amer Sports Corp. reported a 5 percent increase in third-quarter net profit to EUR38.5 million (US$55 million), but also said its revenue fell slightly, mainly because of lower orders caused by a mild winter.

Net sales in the three months dropped to EUR463 million (US$660 million), from EUR472 million a year earlier, the Finnish company said. Net profit in the same period in 2006 was EUR36.6 million.

It warned that profits would be lower for the full year compared with 2006.

The sport group, whose brands include Wilson, Atomic, Salomon and Precor, cautioned that pre-orders for winter sports equipment were down, although it reported good progress in apparel, Salomon footwear, Precor, Mavic and Suunto.

The company's stock was up 5 percent at EUR17.95 (US$25.59) in early afternoon trading in Helsinki.

"The Amer Sports full-year outlook remains unchanged," the company said. "The mild winter reduced pre-orders for winter sports more than expected and increased the uncertainty of reorders in the latter part of the year. The result for winter sports equipment will be in the red."

During the past decade, Amer Sports has gradually divested noncore assets and bought several sports equipment makers, including California-based Fitness Products International and Sparks, Nevada-based ATEC, a leading maker of baseball and softball pitching machines.

The Helsinki-based company said it employs 6,700 people, down from 6,800 a year ago.

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