Unifi, Inc. announced on Tuesday adjusted earnings per share of 20 cents, beating analyst estimates of 17 cents per share. Shares rose as much as 16 percent on the news, the most since April 2016.

The news sent the stock price to $27.74, the highest its been since Nov. 30, at one point on Tuesday.

The company reported a net income of $3.71 million beating the analyst estimates of $2.97 million. Unifi also reported revenues of $179.9 million falling just shy of the average analyst estimate of $181 million according to Bloomberg data.

“Profitability was aided by our previously communicated step-down in SG&A, along with a more favorable raw material cost environment in the U.S,” said Unifi CEO Tom Caudle.

“While we recognize that the current business environment in the U.S. is challenging and our Brazil Segment was impacted by elevated raw material costs, we are pleased with our operating cash flows and earnings in the first fiscal quarter and look to carry that momentum into the remainder of fiscal 2020.”

The company reaffirmed its full year fiscal 2020 guidance and still expects a doubling of operating income, substantial improvement in its effective tax rate and a significant increase in net income for the remainder of the 2020 fiscal year.

Unifi is a global textile solutions provider and manufacturer of synthetic and recycled performance fibers. Shares of Unifi closed at $27.16 on Tuesday, up $3.16.