Sunglasses Maker Oakley’s 33% Gain Spurs Stock to Record High

Oakley Inc.’s stock hit a record high Tuesday as the designer and manufacturer of sunglasses and goggles posted a 33% gain in net income for the first quarter on record sales.

Oakley shares closed at $42.875, up $3 per share, after hitting a record $43.33 earlier in the day. A total of 226,500 shares changed hands, more than double the average daily volume on the New York Stock Exchange. The stock has risen 86% from its initial public offering price of $23 last August.

Oakley reported first-quarter net income of $11 million, or 31 cents a share, up from $8.3 million, or 26 cents a share, for the comparable 1995 period. Sales rose 33% to a $48.7 million from $36.6 million.