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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;

Stock News for Air Products (APD)
08/26/201512:04:19Statement of Changes in Beneficial Ownership (4)
08/26/201508:21:09Statement of Changes in Beneficial Ownership (4)
08/25/201508:19:38Statement of Changes in Beneficial Ownership (4)
08/25/201508:18:32Statement of Changes in Beneficial Ownership (4)
08/24/201509:44:17Statement of Changes in Beneficial Ownership (4)
08/19/201515:16:00Air Products Holds Grand Opening at Its Doe Canyon Helium Plant
08/17/201510:37:00Air Products Signs Second Deal to Supply Integrated Oxy-fuel...
08/04/201514:00:00Air Products' CFO to Address Jefferies 2015 Industrials Conference
08/03/201508:25:11Initial Statement of Beneficial Ownership (3)
08/03/201508:16:23Statement of Changes in Beneficial Ownership (4)
07/30/201515:20:09Air Products Profit Rises Amid Cost Cuts
07/30/201514:46:14Air Products & Chemicals Profit Rises Amid Cost Cuts -- 2nd Update
07/30/201513:38:09Air Products Shares Rise After Better-Than-Seen Profits -- Update
07/30/201512:58:52Quarterly Report (10-q)
07/30/201508:27:25Current Report Filing (8-k)
07/30/201508:06:34Air Products and Chemicals Sales Fall, but Profit Edges Higher
07/30/201506:00:00Air Products Reports Fiscal 2015 Third Quarter EPS Up 13 Percent*
07/29/201516:17:42Statement of Changes in Beneficial Ownership (4)
07/29/201516:15:51Current Report Filing (8-k)
07/29/201516:05:00Air Products' Board Elects New Director

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