Air Products Posts Higher 3Q Profit, Revenue
04 August 2022 - 12:48PM
Dow Jones News
By Connor Hart
Air Products & Chemicals Inc. on Thursday reported a rise in
profit and revenue in its third quarter, as higher pricing and
volume offset higher costs.
The Allentown, Pa.-based provider of essential industrial gases
and chemicals posted net income attributable to the company of
$582.1 million, or $2.62 a share, up from the $533.6 million, or
$2.40 a share, it reported in the previous year.
On an adjusted basis, per-share earnings were $2.62. Analysts
polled by FactSet forecast adjusted earnings of $2.61 a share.
Sales for the quarter ended June 30 grew to $3.2 billion from
$2.6 billion in the year-ago quarter. Analysts had expected sales
of $3 billion, according to FactSet.
The company said prices and volume rose 7% and 5%, respectively.
Volume growth was driven by new assets and increased demand, though
earnings were offset by inflation, supply chain snarls and
unfavorable currency movements, the company said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
August 04, 2022 06:33 ET (10:33 GMT)
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