NEW YORK (TheStreet) -- Shares of Profire Energy Inc. (PFIE) are higher by 7.88% to $3.97 in early afternoon trading on Thursday, after the company reported an increase in net income for the fiscal 2015 first quarter to $2.2 million, or 5 cents per share, compared to $1.6 million, or 4 cents per share for the same period last year.
The company, which develops combustion management technologies for the oil and gas industry, posted an 83% rise in revenue to $13.1 million for the most recent quarter, from $7.2 million for the fiscal 2014 first quarter.
Profire Energy attributed its “record first quarter” results to the expansion of its sales team, and a new service program it began testing, designed to generate recurring revenue, and expand its product line.
Must Read: Warren Buffett’s 25 Favorite StocksEXCLUSIVE OFFER: See inside Jim Cramer’s multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE. Analysts polled by Thomson Reuters expected the company to report earnings of 3 cents per share on revenue of $9.55 million. Separately, TheStreet Ratings team rates PROFIRE ENERGY INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation: "We rate PROFIRE ENERGY INC (PFIE) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation." You can view the full analysis from the report here: PFIE Ratings Report
PFIE data by YCharts
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