Shares of ValueClick Inc. rose more than 7 percent early Thursday after the Internet advertising company reported an increase in third quarter profit and provided a better-than-expected outlook.

The Westlake Village company late Wednesday reported net income of nearly $36.2 million (44 cents per share), compared with $25 million (26 cents) a year earlier. Revenue rose 2 percent to nearly $107 million. Results were boosted by a 358 percent higher income tax gain of $16.5 million.

Excluding the special items, net income was equal to 16 cents a share. Analysts surveyed by Thomson Reuters forecast 14 cents per share.

During the quarter, ValueClick repurchased 1.3 million shares of its common stock for $13.2 million dollars, and said its board increased the share repurchase program authorization by $68.6 million to reach $100 million.

“As our share repurchases and increased authorization suggest, we have confidence in our ability to continue to capitalize on the long-term opportunities in our industry.”

Chief Executive Jim Zarley said in a statement.

Looking ahead, the company expects fourth quarter net income per share in a range of 22 to 23 cents, on revenue between $122 million to $126 million. The Wall Street consensus was for per-share profit of 19 cents on revenue of $120 million.

Shares were up $1.07, or 7.5 percent, to $15.29 in midday trading on the Nasdaq.