Air Products & Chemicals 3Q Profit Jumps Despite Lower Sales
By Dean Seal
Air Products & Chemicals recorded higher earnings in its fiscal third quarter despite a small decline in sales.
The provider of essential industrial gasses and chemicals posted a profit of $696.6 million, or $3.13 a share, for the quarter ended June 30, compared with $595.6 million, or $2.67 a share, in the same period a year ago.
Stripping out one-time items, adjusted earnings were $3.20 a share. Analysts polled by FactSet had been expecting $3.03 a share.
Sales slid to $2.99 billion from $3.03 billion, below analyst projections for sales to come in flat year-over-year, according to FactSet.
The decline was driven by unfavorable foreign currency translation and lower energy cost pass-through.
Margins meanwhile were boosted by higher prices, a pullback in certain costs and a more favorable business mix.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 01, 2024 06:53 ET (10:53 GMT)
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