Volcom Q1 net income falls

Volcom’s first quarter revenue came in higher than the company had forecast and earnings per share hit the top end of the estimate it had provided at the end of February.

However, net income was well below the same period last year.

The company reported this afternoon that total revenue for the quarter ended March 31 increased 13% to $87.1 million. Volcom had forecast a 7% to 11% increase in revenue.

Net income declined 39% to $4.6 million, and earnings per share totaled 19 cents. The company had forecast earnings per share in the 16 cents to 19 cents range.

Gross margin: 50% vs. 54.2% the same period last year

SG&A: up 18% to $36.6 million

Cash, equivalents and short-term investments: $91.4 million

Because of the news announced yesterday that PPR is bidding to buy Volcom, Volcom did not host a conference call to discuss results.

U.S. segment 

Revenue: up 4.4% to $50.3 million

Gross profit: $23.7 million, down 2%

Europe segment

Revenue: up 5.1% to $24.8 million

Gross profit: down 4.8% to $13.6 million

Electric segment 

Revenue: up 23.2% to $6.9 million

Gross profit: up 15% to $4 million

Australia segment (which Volcom recently brought in house)

Revenue: $5.2 million