UPDATE: Air Products FQ4 Profit Down 57%
Air Products & Chemicals (NYSE: APD) reported a 57% drop in its fiscal-fourth quarter earnings.
Air Products projects current-year earnings of $5.65 to $5.85 per share, and first-quarter earnings of $1.26 to $1.31 per share. However, analysts were expecting earnings of $6.16 for the year, and $1.38 for the current quarter.
Air Products' quarterly profit dropped to $138.7 million, or $0.65 per share, from $324.8 million, or $1.51 per share, in the year-ago period. Excluding one-time items, Air Products earned $1.42 per share. The company in July expected earnings of $1.42 to $1.47 per share.
Its revenue rose 4% to $2.61 billion. However, analysts were expecting revenue of $2.51 billion.
Air Products' gross margin rose to 26.2% from 26%.
Air Products shares closed at $85.45 yesterday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.