ALLENTOWN, Pa. (AP) — ALLENTOWN, Pa. (AP) — Air Products and Chemicals Inc. (APD) on Monday reported fiscal first-quarter net income of $609.3 million.
On a per-share basis, the Allentown, Pennsylvania-based company said it had net income of $2.73. Earnings, adjusted for non-recurring costs, came to $2.82 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.99 per share.
The seller of gases for industrial, medical and other uses posted revenue of $3 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $3.31 billion.
For the current quarter ending in March, Air Products and Chemicals expects its per-share earnings to range from $2.60 to $2.75.
The company expects full-year earnings in the range of $12.20 to $12.50 per share.
Air Products and Chemicals shares have dropped almost 6% since the beginning of the year, while the S&P’s 500 index has increased 4%. The stock has declined slightly more than 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on APD at https://www.zacks.com/ap/APD
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