Quiksilver earnings beat analyst forecasts

Shares of Quiksilver Inc. rose as the maker of clothing for skateboarders and surfers reported third-quarter profit that topped analysts’ estimates on increased sales in North America.

The shares advanced 17% to $3.57 on Friday, the largest gain since Oct. 4. Quiksilver has declined 1.1% this year.

Sales and profit margins for the back-to-school shopping season have been “great” thanks to good weather and fewer promotions, Chief Executive Robert McKnight said.

Net income rose 21% to $12.6 million, or 7 cents a share, in the quarter that ended July 31, compared with $10.4 million, or 6 cents, a year earlier, the Huntington Beach company said.

Excluding items such as restructuring costs, profit was 9 cents. Analysts projected 6 cents, the average of estimates compiled by Bloomberg.

Revenue advanced 1.8% to $512.4 million. Analysts estimated $529.1 million. Sales in the Americas, which include the U.S., Canada and Latin America, gained 10% to $286.1 million.