UPDATE: Air Products Posts 12% Increase In Q1 Profit, Lifts Year Forecast

Air Products & Chemicals (NYSE: APD) reported a 12% rise in its fiscal-first quarter earnings.

For the year, the company lifted its earnings forecast to $5.70 to $5.90 per share, versus its earlier outlook of $5.65 to $5.85 per share.

For the current quarter, it projects earnings of $1.34 to $1.39 per share, versus analysts' estimates of $1.39 per share.

Air Products' quarterly profit surged to $278.3 million, or $1.31 per share, from $248.1 million, or $1.16 per share, in the year-ago period. Its adjusted earnings came in at 1.30 per share. The company had expected earnings of $1.26 to $1.31 per share.

Its revenue rose 19% to $2.56 billion. However, analysts were expecting revenue of $2.48 billion.

Air Products shares closed at $89.40 yesterday.