Arctic Cat, Inc., said Thursday that its first-quarter earnings more than doubled, topping analysts’ estimates and prompting the company to lift its full-year guidance.

The Thief River Falls-based maker of all-terrain vehicles (ATVs) and snowmobiles said that its earnings totaled $5.5 million, or $0.40 per share, for the quarter that ended June 30. That’s up from a profit of $2 million, or $0.14 per share, during the same period a year ago—and it far outperformed the $0.21 per share that analysts polled by Thomson Reuters were expecting.

Revenue, meanwhile, climbed 9 percent to $120.8 million but fell short of the $126 million that analysts were expecting.

Shares of the company’s stock were trading up about 4.7 percent at $51.95 mid-morning Thursday.

“We are pleased to begin the year with a strong first quarter, with increased revenues across all product lines,” Chairman and CEO Claude Jordan said in a statement.

Net revenue growth was fueled by sales increases across each of its businesses—ATVs; snowmobiles; and parts, garments, and accessories—and the company said its “highest dollar contributions” came from its recently launched Wildcat X side-by-side vehicles and snowmobiles.

Sales of Arctic Cat’s ATVs and side-by-sides rose 5 percent to $76.3 million; snowmobile sales climbed 26 percent to $22.6 million; and sales of parts, garments, and accessories increased 7 percent to $21.9 million.

Arctic Cat also benefited from a late spring snowfall that helped fuel sales of snowmobile parts during the quarter, Jordan said.

Meanwhile, Arctic Cat said that it increased its research and development investments “to ensure a strong pipeline of new products and technologies, while maintaining strict cost controls.”

The company said Thursday that it has increased its earnings guidance for the full fiscal year, which ends March 31, to be in the range of $3.27 to $3.37 per share. That’s up from previous guidance of $3.17 to $3.27 per share, and it would represent an increase of between 13 and 17 percent from last year’s earnings.

It still expects full-year revenue to be between $754 million and $768 million, which would mark a jump of 12 to 14 percent over last year.

“We continue to anticipate another year of increased sales and record earnings in fiscal 2014,” Jordan said. “We expect our growth to be fueled by a strong pipeline of innovative new products and technologies, further market share gains in the growing side-by-side segment, and continued leverage in our cost structure.”

Arctic Cat is among Minnesota’s 40 largest public companies based on revenue, which totaled $671.6 million in its most recently completed fiscal year.

Its positive quarterly results were released shortly after Medina-based competitor Polaris Industries, Inc., said its second-quarter earnings rose nearly 15 percent to $80 million.

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