Air Products Q2 Adj. EPS Misses View; Sees Q3 Earnings Above Market, Higher Earnings In FY21

(RTTNews) - Air Products And Chemicals Inc. (APD) on Monday reported that its second-quarter net income attributable to the company declined to $473.1 million or $2.13 per share from last year's $477.8 million or $2.15 per share.

Adjusted attributable net income was $463.2 million or $2.08 per share, compared to $453.0 million or $2.04 per share a year ago.

Sales for the quarter increased 13 percent to $2.50 billion from prior year's $2.22 billion.

On average, analysts polled by Thomson Reuters expected earnings of $2.12 per share on sales of $2.34 billion. Analysts' estimates typically exclude special items.

Looking ahead, Air Products expects third-quarter adjusted earnings per share between $2.30 and $2.40, up 14 to 19 percent from the prior year's $2.01 per share.

For fiscal 2021, Air Products expects full-year adjusted earnings per share of $8.95 to $9.10, up 7 to 7 percent from prior year's $8.38 per share.

The company said the guidance does not include the Jazan transaction or the expected restart of the Lu'An facility.

Analysts expect earnings of $2.29 per share for the third quarter and $9.04 per share for the year.