Air Products Shares Drop After 3Q Sales Miss Forecasts
By Dean Seal
Shares of Air Products & Chemicals were lower after the company recorded a bigger sales decline than analysts had been expecting.
The stock was down 9% at $265 in early trading. Shares have fallen 14% year-to-date.
The Allentown, Pa.-based provider of essential industrial gases and chemicals posted quarterly sales of $3.19 billion, down from $3.57 billion last year and missing analyst projections for $3.35 billion, according to FactSet.
The top line was dragged down by the lower energy cost pass-through, which was only partially offset by higher prices.
The lower energy pass-through charges impacted sales but not earnings. The company logged a higher profit, and adjusted earnings, which strip out one-time items, topped analyst projections by 4 cents at $3.15 a share, according to FactSet.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 07, 2023 10:13 ET (15:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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