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For 3rd Quarter in a Row, Oakley Surpasses Earnings Expectations

September 12, 2000|From Dow Jones Newswires

Sunglass maker Oakley Inc. is poised to wrap up its third consecutive strong quarter.

The Foothill Ranch company said Monday that it expects earnings to surpass analysts' expectations on record sales for the three months ending Sept. 30.

Oakley said it expects earnings of at least 21 cents a share, topping analysts' estimates of 18 cents a share in a survey by First Call/Thomson Financial. Sales should surpass $100 million.

Oakley, which expects to report third-quarter results Oct. 18, attributed the earnings growth to strong worldwide sales and a solid backlog of orders. Several new eye-wear styles are contributing to the boost in sales, the company said.

The company earned 15 cents a share in the third quarter last year on sales of $70.8 million.

Oakley's earnings also topped analysts' expectations in the first and second quarters.

The bullish projection was released after the close of U.S. markets. The stock closed at $18, up 69 cents a share, on the New York Stock Exchange, then moved up to a 52-week high of $20.25 in after-hours trading.

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