Huntington Beach-based Quiksilver Inc. posted solid first-quarter results Thursday afternoon and raised its earnings outlook for 2005.
The surfwear maker said its operating income in the quarter ended Jan. 31 rose 24% to $23.4 million, versus a year earlier. Sales in the period jumped 34% to $342.9 million.
Sales in the company’s Americas region rose 29% in the quarter, with European revenue rising 25%, aided in part by a weak U.S. dollar. Without the effect of a falling dollar, Quiksilver’s European sales were up 16%.
The company also got a sales boost last year from its DC Shoes unit, which Quiksilver bought for $87 million early last year.
Quiksilver said it now expects to post net income of at least $95 million this year, up 3% from a prior estimate. Sales are expected to be $1.5 billion this year.
Shares of Quiksilver fell 3% to $32.9 Thursday. The company released its first-quarter results after the close of trading.
