Last quarter, the specialty eyewear company Oakley (NYSE:OO) was looking cool, raising guidance for the remainder of the year. It's time to put your shades on again -- the company is incandescent now, raising guidance for the second consecutive quarter.

In April, Oakley estimated 15% to 20% earnings growth for fiscal 2005. But with increasing traction from new products such as the Oakley Thump, billed as the first digital-music eyewear, the company upped its earnings growth guidance to between 25% and 30%.

Existing products aren't the only cause of Oakley's excitement. The upcoming RAZRWIRE is a big reason for the company's optimistic outlook. In a joint venture with Motorola (NYSE:MOT), Oakley has created the first Bluetooth-enabled sunglasses. Bluetooth technology allows mobile phones, computers and personal digital assistants to interconnect wirelessly over short distances.

Oakley first pushed the envelope with the Thump, which can best be described as sunglasses with an iPod attached. Who would have guessed there was a demand for such an unlikely product? Now RAZRWIRE plans to turn your shades into a cell phone. This sort of edgy style and innovation continues to drive Oakley's increasing sales.

For its second quarter, the company earned record quarterly revenues of $170.5 million, up 10.8% from the year-ago period. The greatest growth came from the United States; domestic net sales rose by 14.9%, compared with international sales growth of 6.3%.

As in the first quarter, Oakley continues to improve its profit levels, with operating margins in the latest period at 17.4% vs. 15.9% a year ago. Accelerating sales and improving margins resulted in sharply higher net income of $20.3 million, up 26.9%.

With this kind of growth, Oakley can continue to support its valuation at 20 times forward earnings. Its stock is pushing upward to levels not seen since 2002, which may make its price too dazzling for some. But keep your well-protected eyes on Oakley -- this company shows no signs of slowing down.

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Fool contributor Jeremy MacNealy does not own shares in any of the companies mentioned.