Morgan Stanley Reports Solid Q2 Results On Air Products And Chemicals

According to Morgan Stanley, Air Products and Chemicals APD saw solid Q2 results. Morgan Stanley said that Air Products' F2Q11 adjusted EPS of $1.41 was slightly ahead of consensus at $1.39 but a little light on estimate of $1.43 – estimates will likely rise modestly on today's results. “Underlying volume growth of 11% was better than we expected (8%) driven by a strong performance in Electronics & Performance Materials. We continue to view APD as our top Industrial Gas pick. We are ahead of consensus estimates for the 2011-2013 period, and a 2012 P/E of just 14.5x is too cheap, in our view.” Air Products and Chemicals closed yesterday at $93.72.