Air Products & Chemicals Upgrades Fiscal Year 2018 Guidance After 37% 2Q Profit Rise

Date : 04/26/2018 @ 7:25AM
Source : Dow Jones News
Stock : Air Products And Chemicals, Inc. (APD)
Quote : 165.0  -1.09 (-0.66%) @ 4:00PM

Air Products & Chemicals Upgrades Fiscal Year 2018 Guidance After 37% 2Q Profit Rise

Air Products (NYSE:APD)
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2 Months : From Mar 2018 to May 2018

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   By Adria Calatayud 
 

Air Products & Chemicals Inc. (APD) said Thursday that net profit from continuing operations rose 37% in the second quarter of fiscal 2018, and increased its adjusted earnings guidance for the full year.

The Allentown, Pennsylvania-based industrial gases company earned a quarterly profit from continuing operations of $416.4 million, or $1.89 a diluted share, compared with $304.4 million, or $1.39, in the year-earlier period. Analysts expected a profit of $371.1 million, or $1.65 a share, according to FactSet. Including discontinued operations, net profit fell to $416.4 million, or $1.90 a diluted share, from $2.13 billion, or $9.78 a share, in the second quarter of fiscal 2017.

Excluding items, Air Products reported an adjusted profit of $1.71 a share for the quarter, up 20% on year. Analysts forecast adjusted earnings per share of $1.68, according to FactSet. The company had guided for second-quarter adjusted earnings of between $1.65 and $1.70.

Sales rose to $2.16 billion in the second quarter, from $1.98 billion for the quarter ended March 31, 2017. This is below analysts forecasts of $2.21 billion, according to FactSet.

Air Products said it now expects full-year adjusted earnings of $7.25 to $7.40 a share, up 15% to 17% on year. In January, the company said it expected adjusted profit of between $7.15 and $7.35 for fiscal 2018.

For the third quarter, the company anticipates an adjusted profit of $1.80 to $1.85 a share, it said.

 

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

 

(END) Dow Jones Newswires

April 26, 2018 07:10 ET (11:10 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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