Air Products Q3 Profit Up, But Misses Estimates; Issues Q4 View; Lifts FY23 Forecast

(RTTNews) - Industrial gases company Air Products And Chemicals Inc. (APD), while reporting higher profit and weak sales in its third quarter, on Thursday issued fourth-quarter earnings view and raised forecast for fiscal 2023.

For the fourth quarter, the company projcts adjusted earnings per share of $3.04 to $3.14, up 7 to 10 percent over the prior year period.

On average, 17 analysts polled by Thomson Reuters expect earnings of $3.14 per share for the quarter. Analysts' estimates typically exclude special items.

Further, for fiscal 2023, the company now expects adjusted earnings per share of $11.40 to $11.50, a growth of $0.05 at the midpoint, up 11 to 12 percent over the prior year.

The company previously expected adjusted earnings per share n the range of $11.30 to $11.50, up 10 to 12 percent over the prior year.

Analysts are looking for earnings of $11.39 per share for the year.

Air Products continues to expect fiscal year 2023 capital expenditures of $5.0 billion to $5.5 billion.

In the third quarter, net income attributable to the company grew to $595.6 million or $2.67 per share from last year's $582.1 million or $2.62 per share.

Sales, meanwhile, dropped to $3.03 billion from last year's $3.19 billion. The Street was looking for earnings of $2.91 per share on sales of $3.29 billion for the quarter.

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