Air Products and Chemicals Inc.
(APD - Free Report
) makes industrial gases as well as a variety of polymer and performance chemicals. It also supplies processing equipment. The company serves technology, energy, industrial and health care customers globally.
Air Products benefits from a diverse customer base, sustained pricing power and cost-reduction measures. However, Air Products' industrial gases business in the EMEA is seeing pressure from a weak operating environment. The company is also exposed to currency headwinds.
Let’s have a quick look at the company’s third-quarter fiscal 2017 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Air Products for the fiscal third-quarter has been going up over the last month. Air Products has beaten estimates in three of the last four quarters, while missing one, with an average positive surprise of 1.12%.
Air Products logged adjusted earnings of $1.65 per share for the fiscal third-quarter, up 15% year over year. Earnings surpassed the Zacks Consensus Estimate of $1.60.
Air Products and Chemicals, Inc. Price and EPS Surprise
Air Products posted net sales of $2.12 billion for the quarter, up 11% year over year. It also beat the Zacks Consensus Estimate of $2.05 billion.
Key Stats/Developments to Note
Air Products has increased its adjusted earnings per share guidance for the full year. For fiscal 2017, Air Products expects adjusted earnings per share of $6.20-$6.25 (up from $6.00-$6.25 expected earlier), which at midpoint, represents a 10% increase over last year. For fourth-quarter fiscal 2017, Air Products anticipates adjusted earnings per share from continuing operations of $1.65-$1.70 per share, which at midpoint, represents a 12% increase over last year.
Currently, Air Products has a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released.
Air Products’ shares remains inactive in pre-market trading. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Air Products’ earnings report!
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