WASHINGTON (dpa-AFX) - Shares of outdoor sports lifestyle products company Quiksilver Inc. (ZQK) Thursday surged over 10 percent after it posted a fourth-quarter profit, turning around from a loss last year. Earnings were driven mainly by double-digit revenue growth, as well as tax adjustment gains for the quarter compared to charges last year. Nevertheless, earnings for the quarter fell short of Street estimates by a penny, while revenues surpassed expectations.
The California-based company's attributable net income for the quarter was $67.9 million or $0.38 per share, compared to a net loss of $22.1 million or $0.14 per share in the same quarter last year.
Pro-forma income from continuing operations for the quarter dropped to $10.8 million or $0.06 per share from $21.8 million or $0.12 per share last year. On average, ten analysts polled by Thomson Reuters expected earnings of $0.07 per share for the quarter. Analysts' estimate typically exclude one-time items.
The pro-forma income for the quarter excludes $11.4 million of non-cash asset impairment charges, $8.0 million of restructuring costs and $76.6 million of income primarily related to the settlement of the company's French tax audit.
Quiksilver, which designs and sells an array of branded apparel, footwear, and accessories, said its revenues for the quarter grew 10 percent to $545.2 million from $495.1 million last year. Ten Wall Street analysts on consensus estimated revenues of $528.47 million for the quarter.
Geographically, revenues from Americas advanced 13 percent to $249.8 million, revenues from Europe rose 11 percent to $212.5 million, and Asia/Pacific revenues improved 2 percent to 81.8 million from last year.
Moving ahead, Chief Executive Robert McKnight said, 'Additionally, despite particularly challenging consumer environments in parts of Europe and Australasia, we continue to see solid growth in our emerging and developing markets around the world.'
ZQK closed Thursday's trading on the NYSE at $3.07, up $0.11 or 3.72%. The stock further gained $0.31 or 10.10% in after-hours trade. Trading volume for the day was 1.1 million shares.
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