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Global Traffic Network's 3Q results top estimates

Global Traffic Network Inc.'s quarterly results shot past Wall Street forecasts Monday, sending the company's shares to a 52-week high.

The company, which provides traffic and news reports for broadcast stations outside the U.S., said revenue nearly doubled, in large part because of an acquisition in the U.K.

Global Traffic reported a net income of $483,000, or 3 cents per share, for its fiscal third quarter ended March 31, compared with a loss of $1.8 million, or 10 cents per share, a year ago.

Revenue climbed 93 percent to $24 million.

Analysts surveyed by Thomson Reuters were looking for a loss of 3 cents per share and revenue of $22 million, on average.

The company's stock rose 6 cents, or 1 percent, to $6 in afternoon trading after hitting a new 52-week high of $6.39 earlier in the day.