Air Products & Chemicals 2Q Profit Jumps as Sales Slide

By Dean Seal

Air Products & Chemicals recorded higher earnings in its fiscal second quarter even as sales slipped on a drop in energy cost pass-through.

The provider of essential industrial gases and chemicals posted a profit of $572.4 million, or $2.57 a share, for the first three months of the year, compared with $439.8 million, or $1.97 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings $2.85 a share. Analysts polled by FactSet had been expecting $2.70 a share.

Quarterly sales slid to $2.93 billion from $3.20 billion last year, below analyst projections for $3.05 billion, according to FactSet.

The 8% decline was driven by lower energy cost pass-through, which more than offset a small step up in pricing, as well as a lower volume and unfavorable foreign currency translation.

The higher prices and a pullback in certain costs meanwhile boosted earnings.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 30, 2024 06:39 ET (10:39 GMT)

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