, a diversified chemical company, said its first-quarter earnings rose 5%.
The Philadelphia-based company earned $67.7 million, or $1.71 a share, in the quarter, compared with $64.5 million, or $1.67 a share, a year ago. Excluding restructuring charges of 3 cents a share, the company earned $1.74 a share. Analysts polled by Thomson First Call were expecting earnings of $1.40 a share in the most recent quarter.
First-quarter revenue rose 7.5% to $594.1 million.
The company expects to earn $1.40 a share to $1.50 a share in the second quarter and $5.35 a share to $5.55 a share for the full year while analysts' estimate $1.64 a share in the second quarter and $5.25 a share for the full year.
Operating profit rose around 50% to $103.1 million and operating profit margin improved 490 basis points to 17.4%.
Revenue from agricultural products rose 4.3% to $206.6 million. Sales from specialty chemicals increased 4.8% to $143.2 million and revenue from industry chemicals posted a rise of 12.3% to $245.2 million.
"Agricultural Products had an exceptional quarter, with strong sales growth in North America, Europe and Asia. Specialty Chemicals experienced good volume growth and higher selling prices, particularly in lithium. Industrial Chemicals continues to realize significant pricing leverage throughout its businesses," the company said.
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