Air Products & Chemicals APD reported a 40% drop in its fiscal-third quarter earnings.
For the year, it narrowed its adjusted earnings forecast to $5.47 to $5.53, versus its earlier outlook of $5.45 to $5.60 per share. For the current quarter, it projects earnings of $1.44 to $1.50 per share, versus analysts' estimates of $1.47 per share.
Air Products' quarterly profit fell to $288.4 million, or $1.36 per share, from $484.5 million, or $2.26 per share, in the year-ago period. Its adjusted earnings came in at $1.36 per share. Air Products had earlier expected earnings of $1.33 to $1.38 per share.
Its revenue rose 8.9% to $2.55 billion, versus analysts' estimates of $2.53 billion.
Air Products' gross margin declined to 26.4% from 27.7%.
Air Products shares closed at $97.88 yesterday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in