Air Products Sees Higher Earnings In Q2; Backs FY23 Forecast - Update

(RTTNews) - While reporting first-quarter earnings and sales growth, Industrial gases company Air Products And Chemicals Inc. (APD) on Thursday said it sees higher earnings in its second quarter, and maintained fiscal 2023 outlook.

For the second quarter, the company projects adjusted earnings per share of $2.50 to $2.70, up 7 percent to 15 percent over the prior year second quarter.

On average, 16 analysts polled by Thomson Reuters expect earnings of $2.68 per share for the quarter. Analysts' estimates typically exclude special items.

Further, for fiscal 2023, Air Products continues to expect adjusted earnings per share of $11.20 to $11.50, up 9 to 12 percent over the prior year.

Analysts estimate earnings of $11.39 per share for the year.

The company continues to expect capital expenditures of $5.0 - $5.5 billion for full-year fiscal 2023.

The company further said it expects to pay out more than $1.5 billion to shareholders in 2023.

In the first quarter, Air Products' announced a profit that increased from the same period last year but missed the Street estimates.

The company's earnings came in at $572.2 million, or $2.57 per share. This compares with $560.4 million, or $2.52 per share, in last year's first quarter.

Adjusted earnings of $586.8 million or $2.64 per share for the period.

Analysts expected the company to earn $2.70 per share.

The company's revenue for the quarter rose 6.0% to $3.17 billion from $2.99 billion last year. Analysts expected revenues of $3.29 billion for the quarter.

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