Air Products' (APD) Q3 Earnings Top Estimates, Revenues Miss

Core Viewpoint - Air Products and Chemicals, Inc. reported a year-over-year increase in earnings per share for the third quarter of fiscal 2024, despite a slight decline in revenues, primarily due to unfavorable currency impacts and lower energy cost pass-throughs [1][2]. Financial Performance - Earnings from continuing operations for Q3 fiscal 2024 were $3.13 per share, up from$2.67 in the same quarter last year [1]. - Adjusted earnings per share, excluding one-time items, were $3.20, surpassing the Zacks Consensus Estimate of$3.04 [1]. - Total revenues for the quarter were $2,985.5 million, a decrease of approximately 1.6$3,039.8 million [1]. Segment Highlights - Revenues in the Americas segment fell 2.1% year-over-year to $1,234.7 million, missing the Zacks Consensus Estimate of$1,279.6 million, due to lower energy cost pass-throughs and reduced volumes [2]. - The Europe segment saw a 1.9% decline in revenues to $693.4 million, also below the Zacks Consensus Estimate of$697.8 million, attributed to lower energy cost pass-throughs and adverse currency effects [2]. - The Asia segment experienced a 4% revenue decline to $789.6 million, which was above the Zacks Consensus Estimate of$783.8 million, with decreased demand for merchant products and reduced volumes being the main factors [2]. Financial Position - As of the end of Q3, the company had cash and cash equivalents of approximately $2,375.7 million, reflecting a 25$12,786.4 million [3]. Outlook - Air Products maintained its full-year adjusted EPS projection for fiscal 2024 at $12.20 to$12.50, indicating a 6-9% increase from the previous year [4]. - The adjusted EPS guidance for the fiscal fourth quarter is set at $3.33-$3.63 [4]. - The company anticipates capital expenditures between $5 billion and$5.5 billion for fiscal 2024 [4]. Price Performance - Over the past year, the company's shares have declined by 11.8%, compared to an 8.1% decline in the industry [5].