KMG Chemicals, Inc. (NYSE:KMG) reported its latest quarterly earnings results after the bell Monday, which topped analysts’ expectations and sent shares up late in the day.
For its third quarter of fiscal 2018, the Fort Worth, Texas-based company posted GAAP net income of $15.6 million, improving over the $6.1 million from the year-ago period. Adjusted earnings came in at a record $1.10 per share for the period, ahead of the 53 cents per share it brought in during the year-ago period.
KMG Chemicals’ adjusted earnings topped analysts’ expectations as Wall Street was projecting adjusted earnings of 84 cents per share. On the revenue front, the company raked in sales of $118.6 million, a 45% improvement compared to the year-ago period, while also topping the $112.97 million from Wall Street’s consensus estimate.
The company’s operating cash flow also increased to a record at $21.5 million, ahead of the $7.9 million it posted in the year-ago period. For its fiscal 2018, KMG Chemicals forecasts consolidated net sales in the range of $455 million to $465 million, an improvement over its previous guidance of $445 million and $455 million.
In the earnings front, the Texas company sees adjusted EBITDA to be in the range of $118 million to $120 million, ahead of its previous guidance of $114 million to $118 million, thanks to stronger growth expectations in its electronic chemicals and performance materials segments.
KMG stock was up about 4.9% after the bell on its earnings beat.
