Quiksilver rises on fiscal 3rd-quarter profit

The stock rose $1.07, or 15 percent, to $8.26. The stock has traded in a 52-week range of $5.69 to $15.13.

Quiksilver said profit was $2.9 million, or 2 cents per share, compared with a loss of $7.9 million, or 6 cents per share, in the same quarter a year ago.

Quiksilver's net income from continuing operations dropped to $33.1 million, or 25 cents per share, from $35.7 million, 28 cents per share.

The company on Thursday said a higher proportion of revenue came from Europe and from retail stores, compared with a year ago. That aided gross margins and helped offset domestic softness.

Analysts polled by Thomson Reuters expected the company to report income of 21 cents per share. Analyst estimates typically exclude special items.

Quiksilver Chief Executive Robert McKnight Jr. said the performance matched the company's expectations, which was particularly encouraging, given a tough retail environment.

The company also affirmed its outlook for fiscal 2008 earnings of 90 cents per share, compared with an analyst forecast of 86 cents per share.

Buckingham Research Group analyst David Glick maintained an "Accumulate" rating and $11 price target on the company.

Glick said sales rose 25 percent in Europe, or about 8 percent in constant currency, helped by about $10 million of early shipments that were previously expected to ship in the fourth quarter.