These Analysts Cut Their Forecasts On Air Products And Chemicals After Downbeat Earnings

Air Products and Chemicals, Inc. APD reported worse-than-expected first-quarter financial results and lowered FY24 adjusted EPS guidance below estimates on Monday.

Air Products & Chemicals posted adjusted earnings of $2.82 per share, missing market estimates of $3.00 per share. The company’s quarterly sales came in at $3.00 billion versus expectations of $3.19 billion, according to data from Benzinga Pro.

APD raised its quarterly dividend to $1.77 from $1.75 in January 2024. The dividend is payable on May 13, 2024, to shareholders of record on April 1, 2024.

Air Products lowered its adjusted EPS outlook to $12.20-$12.50 (prior $12.80-$13.10) versus consensus of $12.97. The company reiterated its 2024 capital expenditures outlook of $5.0 billion-$5.5 billion.

For the second quarter, Air Products sees adjusted EPS of $2.60-$2.75 versus consensus of $3.16.

Air Products shares fell 0.4% to trade at $217.17 on Tuesday.

These analysts made changes to their price targets on Air Products & Chemicals after the company reported quarterly results.

• Barclays cut the price target on Air Products & Chemicals from $260 to $245. Barclays analyst Michael Leithead maintained an Equal-Weight rating.
• BMO Capital slashed Air Products & Chemicals price target from $307 to $250. BMO Capital analyst John McNulty maintained an Outperform rating.
• Mizuho lowered the price target on Air Products & Chemicals from $304 to $295. Mizuho analyst Christopher Parkinson maintained a Buy rating.
• JP Morgan cut the price target on Air Products & Chemicals from $295 to $270. JP Morgan analyst Jeffrey Zekauskas maintained an Overweight rating.
• Seaport Global analyst Michael Harrison downgraded Air Products & Chemicals from Buy to Neutral.

Check This Out: Uber To Rally Around 15%? Here Are 10 Top Analyst Forecasts For Tuesday