Air Products and Chemicals: Fiscal 3Q Earnings Snapshot
ALLENTOWN, Pa. (AP) _ Air Products and Chemicals Inc. (APD) on Thursday reported fiscal third-quarter net income of $488 million.
On a per-share basis, the Allentown, Pennsylvania-based company said it had net income of $2.20. Earnings, adjusted for non-recurring gains, came to $2.17 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.14 per share.
The seller of gases for industrial, medical and other uses posted revenue of $2.22 billion in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $2.29 billion.
For the current quarter ending in September, Air Products and Chemicals expects its per-share earnings to range from $2.26 to $2.31. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.31.
The company expects full-year earnings in the range of $8.20 to $8.25 per share.
Air Products and Chemicals shares have risen 40% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. The stock has risen 45% in the last 12 months.