UPDATE: Air Products FQ3 Profit Drops 40%

Air Products & Chemicals

reported a 40% drop in its fiscal-third quarter earnings. For the year, it narrowed its adjusted earnings forecast to $5.47 to $5.53, versus its earlier outlook of $5.45 to $5.60 per share. For the current quarter, it projects earnings of $1.44 to $1.50 per share, versus analysts' estimates of $1.47 per share. Air Products' quarterly profit fell to $288.4 million, or $1.36 per share, from $484.5 million, or $2.26 per share, in the year-ago period. Its adjusted earnings came in at $1.36 per share. Air Products had earlier expected earnings of $1.33 to $1.38 per share. Its revenue rose 8.9% to $2.55 billion, versus analysts' estimates of $2.53 billion. Air Products' gross margin declined to 26.4% from 27.7%. Air Products shares closed at $97.88 yesterday.