OM Group Shares Climb 10.7% On Earnings Beat (OMG)

November 04, 2010 3:13 PM

Tickers: OMG

Shares of OM Group, Inc. (NYSE: OMG) are currently up 10.7% at $37.59 per share during Thursday afternoon trading. Today's trading range for shares of OM Group, Inc has been between $34.55 and $37.59 per share. The consensus price target of analysts covering the company's stock is $38 per share.

Volume of 337,000 shares is already well above the daily average volume of 271,000 shares.

OM Group, Inc. (OMG) released financial results early Thursday morning that beat Wall Street earnings estimates. OM Group, Inc reported 3rd quarter earnings of 79 cents per share, on revenue of $297.22 million.

A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 66 cents per share, on revenue of $308.45 million.

Chairman and chief executive officer Joseph M. Scaminace said, “Our third-quarter results demonstrate the positive organic growth in both sales and earnings we can harness from favorable end market trends. This organic growth, combined with the solid financial contributions of our acquired Battery Technologies business and our ability to continue to control costs has allowed us to continue to generate profitable growth for our shareholders. Furthermore, by maintaining our balance sheet strength, we ensure we have the financial flexibility needed to fund our strategic expansion and enhance our long-term value creation.”