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Air Products' (APD) Q3 Earnings Top Estimates, Revenues Miss
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Air Products and Chemicals, Inc. (APD - Free Report) logged third-quarter fiscal 2024 (ended Jun 30, 2024) earnings from continuing operations of $3.13 per share, up from $2.67 recorded in the year-ago quarter.
Barring one-time items, earnings per share were $3.20. It beat the Zacks Consensus Estimate of $3.04.
The industrial gases giant generated revenues of $2,985.5 million, down around 1.6% year over year. The figure missed the Zacks Consensus Estimate of $3,039.8 million. Higher prices were more than offset by lower energy cost pass-through and unfavorable currency swings.
Air Products and Chemicals, Inc. Price, Consensus and EPS Surprise
Revenues in the Americas segment were down 2.1% year over year to $1,234.7 million. The figure was lower than the Zacks Consensus Estimate of $1,279.6 million. The fall is attributable to lower energy costs pass-through, reduced volumes and unfavorable currency, slightly offset by higher pricing.
Revenues in the Europe segment declined 1.9% year over year to $693.4 million. It was lower than the Zacks Consensus Estimate of $697.8 million. Sales in Europe declined due to lower energy costs pass-through and adverse currency, slightly offset by increased volumes.
Revenues in the Asia segment declined 4% year over year to $789.6 million. It was higher than the Zacks Consensus Estimate of $783.8 million. Sales decreased due to adverse currency and reduced volumes. Reduced demand for merchant products and planned maintenance outages were somewhat offset by new assets.
Financials
Air Products ended the fiscal third quarter with cash and cash equivalents of around $2,375.7 million, up about 25% year over year. Long-term debt was up 48% year over year to $12,786.4 million.
Outlook
Air Products maintained its fiscal 2024 full-year adjusted EPS projection of $12.20 to $12.50, suggesting a 6-9% increase from the previous year. The company’s adjusted EPS guidance for the fiscal fourth quarter is $3.33-$3.63.
Air Products expects $5 billion to $5.5 billion in capital expenditures for fiscal 2024.
Price Performance
The company’s shares have lost 11.8% in the past year compared with an 8.1% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
APD currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks worth a look in the basic materials space include Barrick Gold Corporation (GOLD - Free Report) , Hecla Mining Company (HL - Free Report) and SilverCrest Metals Inc. (SILV - Free Report) .
Barrick is slated to report second-quarter results on Aug 12, before market open. The Zacks Consensus Estimate for GOLD’s second-quarter earnings is pegged at 26 cents. GOLD beat the consensus in each of the last four quarters, with the average earnings surprise being 18.3%. GOLD currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hecla, carrying a Zacks Rank #1, is slated to report second-quarter results on Aug 6. The Zacks Consensus Estimate for Hecla's second-quarter earnings is pegged at a penny per share. The stock has gained nearly 9% in the past year.
SilverCrest will report results for the second quarter on Aug 7. The Zacks Consensus Estimate for its second-year earnings is pegged at 17 cents. SILV, a Zacks Rank #2 stock, beat the consensus in each of the last four quarters, with the average earnings surprise being 42.4%. The stock has surged nearly 120.3% in the past year.
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Air Products' (APD) Q3 Earnings Top Estimates, Revenues Miss
Air Products and Chemicals, Inc. (APD - Free Report) logged third-quarter fiscal 2024 (ended Jun 30, 2024) earnings from continuing operations of $3.13 per share, up from $2.67 recorded in the year-ago quarter.
Barring one-time items, earnings per share were $3.20. It beat the Zacks Consensus Estimate of $3.04.
The industrial gases giant generated revenues of $2,985.5 million, down around 1.6% year over year. The figure missed the Zacks Consensus Estimate of $3,039.8 million. Higher prices were more than offset by lower energy cost pass-through and unfavorable currency swings.
Air Products and Chemicals, Inc. Price, Consensus and EPS Surprise
Air Products and Chemicals, Inc. price-consensus-eps-surprise-chart | Air Products and Chemicals, Inc. Quote
Segment Highlights
Revenues in the Americas segment were down 2.1% year over year to $1,234.7 million. The figure was lower than the Zacks Consensus Estimate of $1,279.6 million. The fall is attributable to lower energy costs pass-through, reduced volumes and unfavorable currency, slightly offset by higher pricing.
Revenues in the Europe segment declined 1.9% year over year to $693.4 million. It was lower than the Zacks Consensus Estimate of $697.8 million. Sales in Europe declined due to lower energy costs pass-through and adverse currency, slightly offset by increased volumes.
Revenues in the Asia segment declined 4% year over year to $789.6 million. It was higher than the Zacks Consensus Estimate of $783.8 million. Sales decreased due to adverse currency and reduced volumes. Reduced demand for merchant products and planned maintenance outages were somewhat offset by new assets.
Financials
Air Products ended the fiscal third quarter with cash and cash equivalents of around $2,375.7 million, up about 25% year over year. Long-term debt was up 48% year over year to $12,786.4 million.
Outlook
Air Products maintained its fiscal 2024 full-year adjusted EPS projection of $12.20 to $12.50, suggesting a 6-9% increase from the previous year. The company’s adjusted EPS guidance for the fiscal fourth quarter is $3.33-$3.63.
Air Products expects $5 billion to $5.5 billion in capital expenditures for fiscal 2024.
Price Performance
The company’s shares have lost 11.8% in the past year compared with an 8.1% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
APD currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks worth a look in the basic materials space include Barrick Gold Corporation (GOLD - Free Report) , Hecla Mining Company (HL - Free Report) and SilverCrest Metals Inc. (SILV - Free Report) .
Barrick is slated to report second-quarter results on Aug 12, before market open. The Zacks Consensus Estimate for GOLD’s second-quarter earnings is pegged at 26 cents. GOLD beat the consensus in each of the last four quarters, with the average earnings surprise being 18.3%. GOLD currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hecla, carrying a Zacks Rank #1, is slated to report second-quarter results on Aug 6. The Zacks Consensus Estimate for Hecla's second-quarter earnings is pegged at a penny per share. The stock has gained nearly 9% in the past year.
SilverCrest will report results for the second quarter on Aug 7. The Zacks Consensus Estimate for its second-year earnings is pegged at 17 cents. SILV, a Zacks Rank #2 stock, beat the consensus in each of the last four quarters, with the average earnings surprise being 42.4%. The stock has surged nearly 120.3% in the past year.