Quiksilver Profit Grows 31%; Sales Jump 58%

Quiksilver Inc. said its fiscal first-quarter profit grew 31% on a 58% jump in revenue.

The Huntington Beach company earned $18.6 million, or 15 cents a share, compared with $14.2 million, or 12 cents, a year earlier. Revenue increased to $541.1 million.

The company reduced its second-quarter guidance, citing expenses related to its recent purchases of its Rossignol and Cleveland Golf businesses. It expects to earn 6 cents a share instead of 17 cents, before stock compensation expenses. It also reduced its revenue estimate by 2% to $525 million.

Quiksilver said it still expected 2006 earnings of 87 cents to 88 cents a share on sales of $2.25 billion to $2.27 billion.