By Dean Seal

Air Products & Chemicals Inc. said higher prices and volumes lifted net income in its fiscal first quarter, though sales and adjusted earnings fell short of analyst expectations.

The Allentown, Pa.-based provider of essential industrial gases and chemicals posted a profit of $572.2 million, or $2.57 a share, compared with $560.4 million, or $2.52 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $2.64 a share. Analysts polled by FactSet had been expecting $2.70 a share.

Sales came in at $3.17 billion, up from $2.99 billion last year but below analyst expectations of $3.28 billion, according to FactSet.

Prices were up 7% for the quarter and volumes were up 2%, though unfavorable foreign-currency fluctuations and higher costs ate into the company's top and bottom lines.

Shares slipped 2.1% to $311.32 in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

February 02, 2023 06:40 ET (11:40 GMT)

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