Air Products & Chemicals Inc. (APD) announced its fiscal fourth-quarter results on Tuesday, with net income rising to $692.6 million, or $3.11 per share, compared to $583.1 million, or $2.62 per share, in the same period last year. The adjusted earnings per share of $3.15 surpassed the FactSet consensus of $3.11.
Revenue Falls Below Expectations
However, the company’s revenue fell short of expectations. Sales declined by 10.6% to $3.19 billion, missing the FactSet consensus of $3.35 billion. This drop in revenue was primarily attributed to lower energy cost pass-through, offsetting the positive impacts of 2% higher pricing and a favorable currency effect of 1%.
Looking ahead, Air Products & Chemicals Inc. anticipates first-quarter adjusted EPS of $2.90 to $3.05, which is in line with the current FactSet estimate of $3.00. Additionally, for the fiscal year 2024, the company expects adjusted EPS in the range of $12.80 to $13.10, slightly below the market expectations of $12.84.
During the past three months, Air Products & Chemicals Inc.’s stock has gained 1.4%, while the S&P 500 has experienced a 3.4% loss.