RTTNews | Oct 27, 2020 10:49AM EDT

10:48 Tuesday, October 27, 2020 (RTTNews.com) - Shares of recycled and synthetic yarns producer Unifi, Inc. (UFI) are climbing more than 14% Tuesday morning after reporting better-than-expected first-quarter results.

Net income for the first quarter was $3.4 million, or $0.18 per share compared with $3.7 million, or $0.20 per share a year ago. Analysts polled by Thomson Reuters were expecting loss of $0.33 per share.

Net sales were $141.5 million, a decrease of 21% year-over-year, but an increase of 64% sequentially compared to the fourth quarter of last year. The consensus estimate was for $126.83 million.

UFI stock is currently trading at $15.09. It has traded in the range of $7.48- $27.85 in the last one year.

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