Air Products Sees Higher Q3 Earnings; Lifts FY23 Outlook - Update

(RTTNews) - Air Products And Chemicals Inc. (APD), while reporting weak profit and higher revenues in its second quarter, on Tuesday issued third-quarter earnings view and raised forecast for fiscal 2023.

For the third quarter, Air Products expects adjusted earnings per share in the range of $2.85 to $2.95, up 10 to 14 percent over fiscal 2022.

On average, 16 analysts polled by Thomson Reuters expect earnings of $2.92 per share for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2023, Air Products now expects adjusted earnings per share in the range of $11.30 to $11.50, up 10 to 12 percent over the prior year.

The company previously expected adjusted earnings per share of $11.20 to $11.50, up 9 to 12 percent over the prior year.

Analysts are looking for earnings of $11.34 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 second quarter, earnings decreased from last year but beat the Street estimates, amid higher revenues.

The company's bottom line came in at $439.8 million, or $1.97 per share, compared to $530.5 million, or $2.38 per share last year.

Adjusted earnings were $610.7 million or $2.74 per share for the period. Analysts expected the company to earn $2.64 per shares.

The company's revenue for the quarter rose 8.5 percent to $3.20 billion from $2.95 billion last year.

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