2023-08-03 08:58:35 ET
Air Products & Chemicals ( NYSE: APD ) -1% pre-market Thursday after reporting better than expected FQ3 adjusted earnings but missing estimates on revenues, which fell 5% Y/Y to ~$3B.
Q3 net income edged higher to $595.6M, or $2.67/share, from $582.1M, or $2.62/share, in the year-earlier quarter, as the company said increases in prices and volumes were offset by an 11% drop in energy cost pass-through.
Q3 revenues fell 11% Y/Y in the Americas and declined 4% in Europe, but the Asia segment posted a 10% jump in sales on higher volumes, pricing and energy cost pass-through.
Air Products ( APD ) narrowed the range of its full-year earnings guidance, now seeing FY 2023 earnings of $11.40-$11.50/share, compared with prior guidance of $11.30-$11.50/share, in line with $11.42 analyst consensus estimate, and Q4 adjusted EPS of $3.04-$3.14, compared to $3.13 consensus.
The company reaffirmed its full-year outlook for capital spending of $5B-$5.5B
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Air Products slips after missing on Q3 sales, narrowing full-year guidance