Univar Solutions Inc. shares surged in the extended session Monday after the specialty chemical and ingredient distributor’s quarterly results far exceeded Wall Street expectations.
shares rallied 9% after hours, following a 4.7% decline in the regular session to close at $28.33.
The company reported first-quarter net income of $180.8 million, or $1.06 a share, compared with $66.2 million, or 39 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.07 a share, compared with 43 cents a share in the year-ago period.
Revenue rose to $2.88 billion from $2.16 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast 83 cents a share on revenue of $2.62 billion.
“Coming off a tremendous 2021, I am truly delighted with our record financial performance in the first quarter, despite the ongoing challenges of constrained supply, transport and the pandemic,” said David Jukes, Univar chief executive, in a statement.