Air Products Misses on Revenues (APD, ARG, PX)
Air Products & Chemicals Inc. (NYSE: APD) makes specialty gases for industrial use, and competes with rivals Airgas Inc. (NYSE: ARG) and Praxair Inc. (NYSE: PX). Air Products reported earnings this morning for its first fiscal quarter, ending in December.
The company posted EPS of $1.36 on revenue of $2.42 billion. Analysts were expecting revenue of $2.53 billion, but the earnings number was in-line with the consensus estimate. For the same period last year, Air Products reported EPS of $1.35 on revenue of $2.4 billion.
The company’s CEO noted, “As we expected, economic growth continued to slow this quarter, depressing volumes and limiting earnings growth.”
The company reiterated its EPS guidance for fiscal 2012 of $5.90-$6.30. Air Products expects second quarter EPS to be $1.37-$1.43.