NEW YORK (TheStreet) -- Shares of Profire Energy Inc. (PFIE) are up 5.32% to $4.75 on Tuesday afternoon following the company's 2014 fiscal year earnings results showing a record increase in net income to $5.6 million, or 12 cents per share, compared to $1.4 million, or 3 cents per share for the 2013 fiscal year.
The company, which develops combustion management technologies for the oil and gas industry, posted a record rise in revenue to $35.4 million, from $16.9 million for the previous year.
Gross profit increased to $20 million, or 56% of the total revenue in fiscal 2014, versus $8.8 million, or 52.6% of fiscal 2013's total revenue.
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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 notable return on equity, robust revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."