NEW YORK (TheStreet) -- Shares of Ocean Bio-Chem (OBCI - Get Report) were soaring 34.18% to $2.95 on heavy trading volume early Monday afternoon following the company's solid 2016 second quarter earnings.
Before today's opening bell, the Davie, FL-based company reported earnings of 7 cents per share. During the same quarter a year ago, the company earned one cent per share.
Net sales for the quarter were $8.72 million compared to $8.74 million last year.
"We have started the second half of 2016 with strong sales and orders. We are cautiously optimistic these trends will continue and will result in a very good year," CEO Peter Dornau said in a statement.
Dornau added that Ocean Bio-Chem had a more profitable sales mix, especially due to a meaningful sale increase of its Star brite branded group of products.
The company manufactures and distributes maintenance and appearance products for the marine, automotive, recreational vehicle and homecare markets.
About 1.46 million of the company's shares changed hands so far today vs. its average 30-day volume of 31,939 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.
But the team also finds weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: OBCI