By Matt Grossman
Air Products & Chemicals Inc. on Wednesday posted a fourth-quarter profit and slightly higher revenue year over year, but said the Covid-19 pandemic continued to weigh on earnings.
The Allentown, Pa.-based industrial-gas producer reported a net profit of $486.8 million, or $2.19 a share, compared with $503.2 million, or $2.27 a share, a year earlier.
The company made no adjustments to its profit for special items. Accounting for any adjustments, analysts had been expecting a profit of $2.21 a share.
Air Products' revenue was $2.32 billion, up from $2.28 billion. Analysts had forecast $2.26 billion.
Effects from the pandemic reduced earnings in the quarter by an estimated 15 cents to 20 cents a share, as merchant demand declined for industrial gasses in the Americas and overseas, the company said.
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(END) Dow Jones Newswires
November 11, 2020 06:52 ET (11:52 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.