Air Products And Chemicals Issues Q4 View; Cuts FY21 Earnings Forecast Below Market

(RTTNews) - While reporting higher third-quarter results, industrial gases company Air Products And Chemicals Inc. (APD) Monday said it expects fourth-quarter adjusted earnings per share of $2.44 to $2.54, up 11 to 16 percent over the prior year.

On average, analysts polled by Thomson Reuters expect earnings of $2.51 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Further, for fiscal 2021, the company now projects adjusted earnings per share of $8.95 to $9.05, up approximately 8 percent over the prior year. Analysts expect earnings of $9.07 per share for the year.

Air Products previously expected full-year adjusted earnings per share of $8.95 to $9.10, 7 to 9 percent higher than prior year's $8.38 per share.

The guidance excludes the Jazan transaction.

Air Products further said it expects capital expenditures of approximately $2.5 billion for full-year fiscal 2021.

Regarding the third quarter results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Our sales, adjusted EBITDA and adjusted EPS grew double digits this quarter versus prior-year quarter, and our price and volume continue to be strong. We continue to build on what we do best, driving the energy transition by developing, owning and operating world-scale, sustainability-driven projects and forming strategic partnerships that enhance our leadership positions."