Charles & Colvard Ltd. reported an 85 percent increase in its third quarter earnings despite failing to make a profit, compared to the same quarter one year ago, causing its stock to rise Friday by more than 15 percent.

The Morrisville-based jewelry company reported a net loss of $175,000, or $0.01 per share, compared to a net loss of $1.2 million, or $0.06 per share, compared to the third quarter one year ago.

Charles & Colvard also reported net sales of $6.2 million for the quarter, up $1 million from the third quarter 2016, a 19 percent increase.

“Our financial performance in the quarter reflects the progress we have been making,” President and CEO Suzanne Miglucci said in a statement.

“This achievement represents a meaningful trend toward profitability with the best bottom-line performance in nine consecutive quarters. With our recent and ongoing investments in sales and marketing and finished jewelry inventory, we believe we are well positioned heading into the seasonally strong retail season.”

The company did not provide earnings guidance for the rest of the year.

Its stock has risen to $1.01 Friday after opening at 85 cents, or a 19 percent increase.

The filing can be found here.