Baird Remains Sidelined on Chemtura (CHMT) Following Mixed 3Q
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Baird reiterated a Neutral rating and $33.00 price target on Chemtura Corporation (NYSE: CHMT) following the company's 3Q earnings report. CHMT reported sales of $414M vs. consensus estimates of $429.0M. Non-GAAP EPS was $0.52 vs. $0.49. Increased demand and pricing for bromine and bromine derivatives led to a bottom-line beat for CHMT. However, Clear brine demand remained soft in Q3 due to ongoing weakness in the oil and gas markets.
Analyst Ben Kallo commented, "Q3 results missed consensus estimates on the top line, but beat our/consensus adj. EPS on strong margins. Core segment sales were impacted by lower volumes and selling prices y/y, although operating income increased y/y and was helped by improved bromine pricing. Additionally, the merger agreement with Lanxess remains on track to close by mid-2017, which will likely dictate stock performance going forward. We continue to believe it is unlikely a competing offer will materialize."
Shares of Chemtura Corporation closed at $32.80 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesRobert W Baird, Earnings, Definitive Agreement, Ben Kallo
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