Report Lifts Oakley Stock to 52-Week High

Investors pushed Oakley Inc.’s stock to a 52-week high Thursday, a day after the Foothill Ranch sunglasses maker posted record second-quarter earnings that surpassed analysts’ expectations.

Following the earnings report, some analysts said they now have more bullish expectations for the company this year. For example, analyst Jennifer Black at First Security Van Kasper raised her rating of Oakley’s stock Thursday to “strong buy” from “buy.”

The shares climbed $1.25, or 11%, to $13.13 in heavy New York Stock Exchange trading. More than 1 million shares changed hands, about six times the daily average over the past three months. The stock has increased 134% in value so far this year--climbing above its price of $11.50 a share when Oakley first went public in 1995--a reflection of two strong quarterly financial performances.

In the second quarter, Oakley earned $18.5 million, or 27 cents a share, up from $10.6 million, or 15 cents a share, a year ago, as quarterly sales topped $100 million for the first time. Analysts had estimated earnings of 21 cents a share.