By Austen Hufford

 

Air Products & Chemicals Inc. (APD) said revenue and profit rose in its latest quarter.

In October, Air Products spun-off its electronic-materials division as Versum Materials Inc. In May, Evonik Industries AG agreed to buy the performance-materials division of Air Products for $3.8 billion.

Excluding electronic-materials and performance-materials divisions, Air Products said it expects 2017 adjusted earnings per share of $6.25 to $6.50 and first quarter adjusted earnings per share of $1.40 to $1.50.

In all for the quarter, Air Products earned $394 million, or $1.84 cents a share, up from $344.5 million, or $1.58, a year earlier. On an adjusted basis, earnings per share rose to $2.01 from $1.83.

Revenue grew 0.6% to $2.46 billion.

Analysts polled by Thomson Reuters had expected profit of $1.98 on revenue of $2.45 billion.

Shares of Air Products fell 2.99% in premarket trading.

 

Write to Austen Hufford at austen.hufford@wsj.com

 

(END) Dow Jones Newswires

October 27, 2016 09:19 ET (13:19 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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