Air Products and Chemicals Inc

APD: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Air Products Earnings: Underperforming Projects and Guidance Cut Weigh on Sentiment

Krzysztof Smalec

May 1, 2025

We’ve lowered our fair value estimate for wide-moat Air Products to $318 from $333 per share following fiscal second-quarter results, which reflects our more conservative near-term projections amid tariff-related uncertainty and lower expected contribution from underperforming projects. Adjusted earnings per share of $2.69 was down 6% year over year and came in below management’s guidance range of $2.75-$2.85.

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Air Products and Chemicals Inc

Air Products Earnings: Underperforming Projects and Guidance Cut Weigh on Sentiment

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