Air Products & Chemicals Inc. APD, -6.13% reported Monday fiscal third-quarter profit that came up short of expectations while revenue beat, and lowered the midpoint of its full-year outlook.
The industrial gases company’s stock was still inactive in premarket trading. Net income for the quarter to June 30 rose to $533.6 million, or $2.40 a share, from $446.5 million, or $2.01 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $2.31, below the FactSet consensus of $2.36. Sales grew 26.1% to $2.60 billion, above the FactSet consensus of $2.50 billion, as volumes increased 12%, 6% higher energy cost pass through, 6% favorable currency and 2% higher pricing. For fiscal 2021, the company revised its full-year guidance range for adjusted EPS to $8.95 to $9.05 from $8.95 to $9.10. The fourth-quarter outlook of $2.44 to $2.55 surrounded the FactSet consensus of $2.50. The stock has gained 6.4% year to date while the S&P 500 SPX, -0.16% has advanced 18.1%.