UPDATE: Air Products Posts 1.9% Drop In FQ2 Earnings, Lowers Full-year Forecast

Air Products & Chemicals

reported a 1.9% drop in its fiscal-second quarter earnings. For the year, Air Products cut its earnings forecast to $5.45 to $5.60 per share, versus its earlier outlook of $5.70 to $5.90 per share. For the current quarter, it projects earnings of $1.33 to $1.38 per share, versus analysts' estimates of $1.50 per share. Air Products' quarterly profit fell to $290.4 million, from $296 million, in the year-ago period. Its per-share earnings came in flat at $1.38. The company had expected earnings of $1.34 to $1.39 per share. Its revenue rose 6% to $2.48 billion, versus estimates of $2.59 billion. Air Products shares closed at $86.29 yesterday.