Virco Shares Surge on Earnings

0

Shares in Virco Manufacturing Corp. surged more than 33 percent Wednesday after the Torrance-based furniture maker reported double digit growth in profits and sales for the second quarter.


Virco reported second-quarter net income for the period ending July 31 of $11.6 million (80 cents per share), a 48 percent hike from $7.8 million (58 cents) for the same period a year earlier. The company said improved shipment operations drove the surge and that sales increased 13 percent to $88.9 million thanks to solid order rates in the spring and early summer.


Shares in Virco rose $1.75 to $7 in afternoon trading Wednesday on the Nasdaq. Shares are down 11 percent for the year.

No posts to display