Volcom Soars on Yearly Outlook
May 06, 2008
Source: Surfer Magazine
Shares of Costa Mesa-based clothing company Volcom Inc. opened up nearly 30% Thursday, a day after it reported big gains in first-quarter sales and profits and upped its outllook for the rest of the year.
The company also lowered its second-quarter outlook. But investors focused instead on Volcom's upped projections for all of 2008.
Volcom has a market value of about $600 million.
For the recently ended quarter, Volcom’s sales rose 58.5% from a year earlier to $80.6 million, handily beating Wall Street’s expected $69 million.
Net income for the quarter rose 69% to $9.3 million. Wall Street had been expecting $4.8 million.
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