Oct 29, 2009
Volcom third quarter beats market estimates
Oct 29, 2009
Oct 29 (Reuters) - Volcom Inc's (VLCM.O) quarterly profit easily beat market estimates, boosted by a rise in gross margins, but forecast fourth-quarter profit way below analysts' expectations.
For the third quarter, Volcom earned $13.3 million, or 54 cents a share, compared with $16.3 million, or 67 cents a share, a year ago.
Revenue at the company, which sells to mall-based retailers and specialty chains like Zumiez Inc (ZUMZ.O) and Pacific Sunwear of California Inc (PSUN.O), came in at $93.9 million.
Analysts on average were expecting earnings of 37 cents a share on revenue of $84.8 million, according to Thomson Reuters I/B/E/S.
Consolidated gross profit was $48.5 million, or 51.6 percent of total revenues -- up from $55.2 million, or 49.4 percent of in the same quarter a year ago.
For the fourth quarter, Volcom said it expects to earn between 1 cent to 4 cents a share, on revenue of $59 million to $62 million.
Analysts' mean profit view was 11 cents on revenue of $61.9 million.
Shares of the Costa Mesa, California-based Volcom closed at $17.46 Thursday 29 October on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Pradeep Kurup)
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