What happened
Shares of Knowles (KN +0.54%) closed Thursday's trading 14.4% above Wednesday's closing prices, lifted by a strong earnings report. Earlier in the day, the stock had flown as much as 16.6% higher.
So what
In the third quarter, the maker of micro-acoustic and audio-processing components saw earnings double year over year, to $0.34 per share. Revenues rose 6.5%, to $236.2 million. The analyst consensus was calling for earnings near $0.30 per share on sales in the general vicinity of $220 million. The results also landed above the top end of management's guidance ranges in both cases.
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Now what
The company is enjoying strong order volumes from Chinese customers, where mass-market smartphones are starting to incorporate Knowles' ultra-efficient microphones in a big way. The company also saw solid growth in industrial and defense markets, where Knowles provides a broad range of electronic capacitors.
It's no surprise to see Knowles surging after a solid earnings report like this one.
