Costa Mesa-based clothing maker Volcom Inc.’s shares were up Friday, a day after the company reported better than expected quarterly results and offered a sales forecast that at the high end surpassed what Wall Street had been expecting.
Volcom’s stock was up about 9% in afternoon New York trading to a market value of about $580 million.
On Thursday, Volcom reported strong results for the three months through March, with a profit of $7.5 million, up 78% from a year earlier and topping the $4.6 million expected on average by analysts.
Sales came in at $77.4 million, up 13% and exceeding the $73.8 million expected by Wall Street.
“Our results for the quarter were stronger than we had anticipated,” Chief Executive Richard Woolcott said.
Volcom offered a slightly mixed outlook for the current with a higher sales forecast but a warning of a possible loss.
The company said it expects sales of $59 million to $62 million, which at the high end topped the $59.6 million analysts had been looking for.
Volcom forecast a loss of $484,000 to a profit of $484,000. Analysts had been looking for a profit of $484,000.
Investors shrugged off the prospect of a potential loss.
Volcom makes clothes inspired by surfing, skateboarding, snowboarding, art, music and film that are sold in mall stores, surf shops and boutiques.
