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Volcom shares soar on results

February 23, 2008|From Times Wire Services

Shares of Volcom Inc. gained the most in six months after the skateboard apparel maker said fourth-quarter sales rose more than analysts estimated.

Volcom climbed $1.91, or 11%, to $19.45, the biggest gain since Aug. 7.

Sales at Costa Mesa-based Volcom rose 22% to $69.1 million during the three months ended Dec. 31, the company said. Analysts surveyed by Bloomberg expected sales of $67.4 million, on average.

Net income fell to $7.12 million, or 29 cents a share, from $7.63 million, or 31 cents, a year earlier. Analysts estimated earnings per share of 30 cents.

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