Air Products and Chemicals: Fiscal 1Q Earnings Snapshot
ALLENTOWN, Pa. (AP) _ Air Products and Chemicals Inc. (APD) on Friday reported fiscal first-quarter net income of $347.5 million.
On a per-share basis, the Allentown, Pennsylvania-based company said it had profit of $1.57. Earnings, adjusted for pretax expenses and non-recurring costs, came to $1.86 per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.87 per share.
The seller of gases for industrial, medical and other uses posted revenue of $2.22 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.29 billion.
For the current quarter ending in April, Air Products and Chemicals expects its per-share earnings to range from $1.80 to $1.90. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.91.
The company expects full-year earnings in the range of $8.05 to $8.30 per share.
Air Products and Chemicals shares have decreased 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 5 percent. The stock has decreased slightly more than 8 percent in the last 12 months.