Market Insider

FMC shares soar 10% after third quarter results beat expectations

Source: FMC Agricultural Products

Shares of FMC jumped 10 percent intraday Thursday after reporting better-than-expected third-quarter earnings and raising guidance.

The Philadelphia-based chemical manufacturing company reported adjusted earnings of 67 cents per share, beating the Thomson Reuters consensus estimate of 59 cents per share. Its revenues of $808 million also beat analysts' expectations of $796 million.

FMC increased its guidance for 2016 adjusted earnings per diluted share by 6 cents at the mid-point of the range to $2.76 to $2.86.

"FMC delivered another strong quarter, reporting adjusted earnings per share above the top end of guidance," Pierre Brondeau, FMC president, CEO and chairman said. Brondeau added that FMC's Ag Solutions and Lithium sectors both had strong quarters while its Health and Nutrition sector's revenue fell below expectations. "Overall, I am very pleased with the execution of our strategy," Brondeau said.

On Thursday, the stock hit a 52 week high when FMC was priced at $51.34.