Why RigNet (RNET) Is Soaring on Thursday

NEW YORK (TheStreet) -- RigNet (RNET) shares are soaring Thursday after posting above-consensus earnings and sales for its fourth quarter. 

By market open, the stock had climbed 10.7% to $56.88. 

In the three months to December, per-share earnings of 30 cents came in 4 cents higher than analysts surveyed by Thomson Reuters had forecast. 

Revenue saw a 21.1% year-over-year increase to $59.7 million. Consensus was for $57.84 million. 

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TheStreet Ratings team rates RIGNET INC as a Buy with a ratings score of B. The team has this to say about their recommendation:

"We rate RIGNET INC (RNET) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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