By Ezequiel Minaya
Air Products and Chemicals Inc. (APD) on Thursday said sales in
its latest quarter fell 6.2%, hurt by currency volatility and lower
energy prices, though profit increased.
The company also raised its full-year adjusted-earnings guidance
to a range of $6.50 to $6.60 a share, from its previous $6.35 to
$6.55. Air products said it expects earnings on a per-share basis
in the current quarter between $1.75 and $1.85, above analysts'
forecasts of $1.58.
Overall, Air Products reported a third-quarter profit of $318.8
million, or $1.47 a share, up from $314 million, or $1.46 a share.
Excluding certain items like a pretax charge of $59.8 million
linked to restructuring costs and a pension settlement, earnings
per share came in at $1.65.
Revenue fell 6.2% to $2.47 billion from $2.63 billion in the
same quarter in 2014.
Air Products beat its profit projection for the quarter for an
adjusted EPS range between $1.55 and $1.60--though the range was
below analysts' estimates when it was issued. Analysts surveyed by
Thomson Reuters had called for revenue of $2.48 billion.
Americas sales in the latest quarter dipped 16% compared with
the same period last year to $898 million as lower energy prices
strained the coffers of some Air Products customers. Sales in the
Europe, Middle East and Africa came in at $455 million representing
a 15% declined compared with last year, driven mostly by
unfavorable currency impacts.
Earlier this week, rival Praxair reported that profits had
slipped as it was also unable to shake the foreign-exchange
headwinds and lower commodity prices that have pressured the
industrial gas sector's top line all year.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires