Air Products Lowers Outlook

Air Products & Chemicals Inc. (APD - Snapshot Report) cut its 2009 earnings guidance as the business climate remains weak.

Air Products expects earnings between $3.85 and $4.05 per share, compared with January's lowered forecast of $4 to $4.30. The current-year estimate now stands at $4.07, down by a penny from last month's projection as 2 brokerage analysts pulled back on expectations.

The company sees third-quarter earnings of 93 cents to $1.02 per share, while analysts expect $1.07.

Revenue for the second quarter was down to $1.96 billion from $2.54 billion a year earlier, due to the ongoing slump in the global manufacturing industry. However, the company's earnings from continuing operations came in at 89 cents per share, topping the consensus by 6 cents.

Shares of Air Products rose more than 6% this afternoon. Volume is at 1.7 million, compared to the average of 1.4 million.

Air Products is a Zacks #3 Rank ("Hold") company.