Cascade Q2 profit falls 31 percent

Cascade Corp., which makes forklift attachments, hydraulic cylinders and other loading gear, said Thursday its second-quarter profit fell 31 percent on lower sales in North America and higher prices for materials in all regions.

The per-share results missed Wall Street's expectations, and Cascade's shares fell $1.27 to $45.40 in after-hours trading, after closing down $3.26 to $46.67 in the regular session.

For the quarter ended July 31, Cascade reported net income of $10.5 million, or 94 cents per diluted share. That was down from $15.1 million, or $1.21 per diluted share, a year ago.

Revenues rose to $150.1 million from $143.2 million.

Analysts surveyed by Thomson Financial were expecting a profit of $1.03 per share on $156 million in revenue.