UPDATE: Air Products Posts Drop In Q2 Net Profit

Air Products & Chemicals Inc

reported a drop in its net profit for the second quarter. Air Products' quarterly net profit declined to $296 million, or $1.38 per share, from $304.3 million, or $1.39 per share, in the year-earlier period. On an adjusted basis, Air Products earned $1.39 per share, versus analysts' estimates of $1.35 per share. Air Products' sales dropped to $2.3 billion, from $2.4 billion in the year-earlier period. Air Products expects Q3 net profit between $1.40 and $1.45 a share, versus analysts' estimates of $1.53 per share. Air Products shares closed at $88.73 yesterday.