Air Products & Chemicals 3Q Profit Misses Estimates as Sales Fall

By Ben Glickman

Air Products & Chemicals profit missed estimates in the fiscal third quarter as sales fell due to lower energy cost pass-through.

The Lehigh Valley, Pa.-based industrial gas and chemical provider said it posted a profit of $595.6 million, or $2.67 a share, in the quarter ended June 30, compared with $582.1 million, or $2.62 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.91.

Stripping out certain one-time items, adjusted per-share earnings came to $2.98, ahead of the $2.92 forecast by analysts, according to FactSet.

Revenue fell 5% to $3.034 billion, missing the $3.288 expected by analysts polled by FactSet.

The company said that a rise in prices and volumes were offset by an 11% drop in energy cost pass-through.

The company saw sales in the Americas fall 11% compared with a year ago and sales in Europe fell 4%. Air Products' Asia segment, though, posted 10% higher sales on higher volumes, pricing and energy cost pass-through.

The company raised its earnings expectations for the full year.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

August 03, 2023 06:37 ET (10:37 GMT)

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