Shares of Foothill Ranch-based sunglasses maker Oakley Inc. surged more than 10% on Friday, a day after reporting first-quarter results and upping its outlook for the year.
The company’s stock was up about 12% near the close of trading Friday with a market value of $1.7 billion.
On Thursday, Oakley upped its forecast for the year, saying it now expects $660 million to $681 million in earnings. It previously expected a profit of $653 million to $674 million.
The company also reported big gains for the first quarter. Sales were up 31% to $199 million. Profit rose 20% to $5.7 million.
“We executed well against the release of our new sports performance and women’s collections, which included worldwide sales and marketing programs,” Chief Executive Scott Olivet said in a release. “Additionally, our new Rolling O Lab and the re-launch of our Web site provided additional fuel in telling the Oakley story.”
The company plans to continue to develop its brand and connect it with customers, develop its apparel line and improve its on-time delivery performance, Olivet said.
