Air Products profit more than triples
Air Products & Chemicals Inc. APD, +1.29% said Thursday its third-quarter profit more than tripled from the prior year.
The Lehigh Valley, Pa., industrial gas maker reported a third-quarter net income of $473.9 million, or $2.15 a share, compared with $101.9 million, or 46 cents a share, for the same period a year ago. Analysts were expecting a profit of $1.83 a share, according to FactSet.
Net income from continuing operations was $431 million, or $1.95 a share.
Sales rose 6% to $2.3 billion. Analysts were expecting sales of $2.3 billion.
Air Products raised its adjusted EPS to $7.40 to $7.45, an increase of 17% to 18% over the prior year. The company also raised its fourth-quarter adjusted EPS to $1.95 to $2.00.
Shares of Air Products were untraded pre-market, after closing Wednesday at $157.30 a share, up 1.27%.
Write to Chris Wack at [email protected]
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