Air Products Q3 EPS Beats, Guides Q4 Above Consensus; $2.9B Charge Hits GAAP
APD sits 30% above its 52-week low of $229.11.
Summary
Air Products delivered a clean Q3 beat with adjusted EPS of $3.47 vs. $3.34 consensus on 5% sales growth, driven by higher on-site volumes and pricing. The company issued Q4 adjusted EPS guidance of $3.55-$3.65, above the $3.34 consensus, and raised full-year guidance to $13.39-$13.49. A previously announced $2.9 billion charge for exiting clean energy projects resulted in a GAAP net loss of $1.44 billion, causing the company to swing to a loss in Q3. Capex is guided to about $3.5 billion for the year, reflecting portfolio optimization. The market is focused on the underlying operating strength and the new concrete profit targets, signaling a recovery trajectory after the strategic reset.
At the time of this announcement, APD was trading at $298.50 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $65.5B. The 52-week trading range was $229.11 to $314.87. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.