UPDATE: Air Products Posts 1.2% Drop In Q4 Profit, Issues Downbeat Outlook

Air Products & Chemicals (NYSE: APD) reported a 1.2% drop in its fiscal fourth-quarter earnings.

For the new year, Air Products expects adjusted earnings of $5.70 to $5.90 per share, versus analysts' estimates of $6.04 per share. It also projects Q1 earnings of $1.30 to $1.35 per share.

Air Products posted its quarterly profit at $137.1 million, or $0.64 per share, down from a year-ago profit of $138.7 million, or $0.65 per share. Excluding one-time items, it earned $1.47 per share. The company had earlier expected adjusted earnings of $1.44 to $1.50 per share.

Its revenue dropped 0.7% to $2.59 billion, versus analysts' estimates of $2.68 billion.

Air Products shares closed at $109.54 yesterday.