Quicksilver (ZQK) Shares Rise Nearly 30%
Quicksilver (ZQK) shares hit a 52 week high today after the company reported solid results for the first quarter. Quicksilver ended the day at $4.04. The stock was the biggest percentage gainer on the NYSE rising 29.90%.
Analysts were expecting a loss of 13 cents per share and earnings totaling $412.8 million. Quicksilver (ZQK) only lost 4 cents per share and earned $432.7 million for the quarter. The lower than expected loss is largely attributable to decreased operating costs.
The surfwear manufacturer is not out of the woods yet according to FBR Capital Markets analyst Eric Tracy. Tracy states that "there are still challenges with its Roxy brand and currency headwinds." Quicksilver has a large debt burden. Tracy did however praise the company for improving its cash position and inventory controls.
