Shares of Physicians Formula Holdings Inc. jumped 22 percent on Friday, a day after the cosmetics company reported first-quarter profit that significantly beat analysts’ expectations. The company also raised its full-year guidance.
The Azuza company, whose products are sold in drug and other mass-market retail stores, late Thursday reported net income of $2.4 million (16 cents a share), compared with $451,000 (3 cents) in the same period a year ago.
Net sales rose 24 percent to $26.2 million. Selling, general and administrative expense fell 37 percent.
Analysts on average expected net income of 6 cents a share on net sales of $23.2 million.
“We are pleased with our first quarter results, which exceeded both our top and bottom line expectations,” said Chief Executive Ingrid Jackel in a statement. “We have returned our company to profitability by generating strong product performance while improving our financial discipline."
Looking ahead, the company expects full-year net income of 10 to 18 cents a share, up form earlier guidance of 7 to 15 cents. The Wall Street consensus was 12 cents.
Shares closed up 69 cents, or 22 percent, to $3.79 on the Nasdaq.