Select Comfort: Pump Up the Volume
MINNEAPOLIS (
) --
Select Comfort
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shares jumped Friday on three-times normal volume after the bed maker impressed analysts with its third-quarter earnings report.
Select Comfort said it had a profit of $6.9 million, or 15 cents a share, in the recent quarter, rising sharply from year-ago levels to beat the Thomson Reuters average estimate of 7 cents a share. Revenue fell 6% from a year ago to $147.5 million, although that number also beat the consensus target of $134.3 million.
The company also offered a sunny outlook for the full year, forecasting a profit of 2 cents to 8 cents a share, compared with analysts' forecasts for a loss of 2 cents a share.
Shares of Select Comfort jumped by 95 cents, or 16.4%, to $6.73. Earlier in the session, the stock touched an intraday and new 52-week high of $6.93. More than 2.2 million shares changed hands by 1:15 p.m. EDT Friday, compared to the stock's three-month average daily volume of 675,000, according to the
Nasdaq
.
Select Comfort has a 43.6 million-share float with a short interest float of 2.7% as of Sept. 25, according to Yahoo! Finance. More than 23% of the company's shares are held by insiders with another 21.3% owned by institutions.
-- Written by Robert Holmes in New York
.
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