Air Products 4Q Profit Climbs While Sales Slip
November 07 2023 - 6:46AM
Dow Jones News
By Dean Seal
Air Products & Chemicals logged lower sales and higher
earnings in its fiscal fourth quarter as its energy pass-through
charges fell but prices increased.
The Allentown, Pa.-based provider of essential industrial gases
and chemicals posted a profit of $692.6 million, or $3.11 a share,
for the quarter ended Sept. 30, compared with $583.1 million, or
$2.62 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $3.15 a
share. Analysts polled by FactSet had been expecting $3.11 a
share.
Sales came in at $3.19 billion, down from $3.57 billion in the
year-ago quarter and below analyst projections for $3.35 billion,
according to FactSet.
The 11% year-over-year decline was driven by lower energy cost
pass-through, which was partially offset by higher prices and
dented sales but not profits.
Those higher prices along with higher equity affiliates' income
more than offset higher costs and helped boost the quarter's bottom
line. The year-ago quarter's earnings were affected by the
company's divestiture of its business in Russia, as well as the
impairment of two equity affiliates in the Asia segment.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 07, 2023 06:31 ET (11:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Air Products and Chemicals (NYSE:APD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Air Products and Chemicals (NYSE:APD)
Historical Stock Chart
From Jul 2023 to Jul 2024