Grocery store operator Ingles Markets Inc. saw its stock price increase by 14.7 percent on Friday after it reported strong increases in third-quarter earnings and sales.

The Asheville-based company reported net income of $24.5 million, or $1.21 per share, more than double the net income of $11.5 million, or 57 cents per share, in the third quarter of 2017.

Third-quarter revenue was $1.03 billion, up 5.1 percent from $984.4 million in revenue in the third quarter a year ago.

“This past quarter’s concentration on increasing sales showed positive results,” said Chairman Robert P. Ingle in a statement. “Our associates have worked very hard to improve the product and service offering in our stores.”

Ingles stock rose $4.40, or 14.7 percent, to $34.35 on Friday.

The company said its capital expenditures for the first nine months of its fiscal year totaled $120.5 million, compared with $90.0 million for first nine months of the last fiscal year. Most of its capital expenditures are for the opening of new locations.

Capital expenditures for the entire fiscal year are expected to be approximately $140 million to $180 million.

Ingles operates 200 supermarkets as well as shopping centers.