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Air Products 3Q Profit Up 29%, Raises Full-Year Outlook Again

DOW JONES NEWSWIRES Air Products & Chemicals Inc.'s (APD) fiscal third-quarter profit jumped 29% on continued volume growth in Asia and higher sales in its electronics and performance materials and tonnage segments. The industrial-gas maker also raised its fiscal-year earnings outlook to $5.70 to $5.75 a share, up 5 cents from its April view. For the fourth quarter, it projected a per-share profit between $1.48 and $1.53, bracketing the $1.52 estimate from analysts polled by Thomson Reuters. Air Products has posted expectation-beating results on increased volume in recent quarters as its merchant gases business--its largest by revenue--continues to grow in Asia. The company, which withdrew its $5.9 billion hostile takeover offer for rival Airgas Inc. (ARG) earlier this year, has had to raise prices to keep up with rising raw material costs. For the quarter ended June 30, Air Products reported a profit of $326.5 million, or $1.50 a share, up from $253.2 million, or $1.17 a share, a year earlier. The latest results included a 4 cent per-share gain in discontinued operations on a tax benefit, while the year-ago period included a loss on the Airgas transaction and other items. The company in April predicted earnings of $1.42 and $1.47. Revenue rose 14% to $2.58 billion, ahead of analysts' projection of $2.52 billion. Operating margin widened to 16.3% from 14.9%. Sales in Air Products' merchant gases business rose 12%, driven by higher volume in Asia. The company's tonnage gases segment, which sells hydrogen, synthesis gas and carbon monoxide to refineries and other large manufacturers, reported a 20% revenue increase. Sales in the electronics and performance materials segment rose 21% while sales in the equipment and energy segment fell 31%. Shares closed at $95.41 on Thursday and were inactive premarket. Through Thursday's close, the stock has gained 33% over the past 12 months. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

Stock News for Air Products (APD)
DateTimeHeadline
04/28/201615:14:00Air Products to Showcase High Performing Coupling Agents for...
04/28/201608:01:00Air Products Swings to a Loss on Write-Down
04/28/201607:46:17Current Report Filing (8-k)
04/28/201606:00:00Air Products Reports Fiscal 2016 Second Quarter Adjusted EPS...
04/25/201613:29:43Amended Statement of Changes in Beneficial Ownership (4/a)
04/25/201610:00:00Air Products Again Named to Corporate Responsibility Magazine's...
04/19/201614:00:00Air Products to Feature Nitrogen and Oxygen Supply Systems for...
04/18/201610:53:00Air Products to Highlight Industrial Gases and Related Technologies...
04/11/201610:10:00Air Products to Feature Industrial Gases and Technologies to...
04/08/201609:19:00Versum Materials™ Makes Debut; Will Showcase Broad Range of A...
04/05/201609:56:00Air Products Awarded Long-term Contract to Supply Leading Semiconductor...
04/04/201610:40:00Air Products to Exit Energy-From-Waste Business
04/04/201610:27:00Air Products to Exit Energy-From-Waste Business
04/04/201609:02:22Current Report Filing (8-k)
04/04/201609:00:00Air Products Will Exit Energy-from-Waste Business
03/31/201614:40:42Statement of Changes in Beneficial Ownership (4)
03/31/201614:40:42Statement of Changes in Beneficial Ownership (4)
03/31/201614:40:42Statement of Changes in Beneficial Ownership (4)
03/31/201614:40:42Statement of Changes in Beneficial Ownership (4)
03/31/201614:40:42Statement of Changes in Beneficial Ownership (4)

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