2023-11-07 12:36:16 ET
Shares of specialty chemicals producer (actually, it produces pure gases for industrial applications, such as oxygen, nitrogen, argon, hydrogen, helium, and carbon dioxide) Air Products and Chemicals (NYSE: APD) suffered a 10.8% sell-off through 11:30 a.m. ET after reporting mixed earnings this morning.
Heading into Air Products' quarterly report, analysts had forecast the gases manufacturer would earn only $3.12 per share, and Air Products beat that estimate, reporting $3.15 per share in "adjusted" (i.e., non-GAAP ) profit for the fourth and final quarter of its fiscal 2023. On sales, however, investors were disappointed to see Air Products book less than $3.2 billion in sales where Wall Street had forecast $3.35 billion.
And yet Air Products' news was still pretty good. Sales may have declined more than hoped in Q4 -- about 11% year over year -- but the decline for the full year was less than 1%, with Air Products booking $12.6 billion in revenue for the year.
For further details see:
Why Air Products Stock Dropped 10% Today