Quiksilver Q4 results better than expected

Quiksilver released preliminary results for the fourth quarter and full year early this morning that showed fourth quarter results coming in better than expected.

Fourth Quarter

Net sales: Between $492 million to $497 million. That would be a decline of 8.6% to 7.7% vs. the fourth quarter of 2009.

Previously, Quiksilver had expected sales declines in the mid-teens for this fourth quarter.

Adjusted pro forma EBITDA: up 10% to 20%

Full Year 2010

Net sales: $1.83 billion to $1.84 billion vs. $1.97 billion in 2009, a decline of 7.1% to 6.5%.

Adjusted pro forma EBITDA: up at least 30%. Quiksilver had previously expected a 25% increase.

Forecast for 2011

Full year adjusted pro forma EBITDA: flat.

Capital spending: An increase of $15 million to $20 million due to investment in company retail, and a new ERP system.

Forecast for Q1

Adjusted pro forma EBITDA: will decline by $5 million to $10 million vs. the same period of 2010 due to increased marketing spending, the launch of the Quiksilver Girl’s line, and impacts of currency translations.

The company will release its final fourth quarter and 2010 full year results Dec. 16.