Quiksilver Hits 52-Week High as Earnings Top Expectations

Quiksilver Inc.’s stock surged to a 52-week high Wednesday after the Costa Mesa designer and distributor of casual and sports wear posted fourth-quarter earnings that topped analysts’ estimates.

The stock rose 23.2%, or $5.75 a share, to $30.50. Earlier in the session, the shares hit $31, a high for the year. A total of 573,300 shares changed hands, nearly eight times more than the average daily volume for the last three months.

Quiksilver said net income for the three months ended Oct. 31 climbed 97% to $6.3 million, or 43 cents a share, from $3.2 million, or 22 cents a share, for the fourth quarter of the prior year. Analysts had estimated per-share earnings of 30 cents, according to a First Call survey.

Sales increased 57% to $104.4 million from $66.5 million.

The company attributed its performance, in part, to a stronger national marketing effort.

For the fiscal year, net income rose 43% to $18 million, or $1.23 a share, from $12.6 million, or 90 cents a share, for the previous year. Sales were up 36% to $316.1 million from $231.8 million.