Shares of Big Five Sporting Goods Corp. spiked 20 percent after the company reported higher than expected third-quarter results.

The El Segundo retail chain late Tuesday reported quarterly earnings of $5.8 million or 27 cents per share, easily outdistancing Wall Street’s consensus estimate of 17 cents per share, according to Bloomberg.

Analyst Mark Smith of Feltl & Co. wrote in a note to investors that he had raised his earnings estimates for 2011 and 2012 based on the quarterly results.

“We think Big Five has turned the corner,” Smith wrote. “With improving sales trends, a 4.1 percent dividend yield and ample upside to our target, we are reiterating our ‘buy’ rating.”

By mid-day Wednesday, shares of Big Five traded at $8.82, a gain of $1.47 or 20 percent.