Shares of Versum Materials rallied to a fresh record high Tuesday after the company reported fiscal Q3 results which beat expectations compiled by Capital IQ and raised its full-year sales guidance. For Q3 ended June 30, adjusted EPS was $0.52 per share, up from $0.45 per share a year ago and higher than the $0.44 per share consensus. Revenues surged 19.8% year-over-year to $290.8 million and beat expectations for $265.6 million.
For FY17, Versum Materials expects sales of $1.09 billion to $1.12 billion, up from a prior view for $1.02 billion to $1.07 billion, and in line to above the $1.09 billion mean estimate. Adjusted EBITDA is forecast at $365 million to $375 million, up from a prior outlook of $340 million to $355 million. VSM trades in a new 52-week range of $21.86 to $37.20.