Air Products & Chemicals
stock was falling sharply Monday after the industrial gas seller cut its fiscal-year earnings guidance.
Air Products
said it expects fiscal 2024 earnings of between $12.20 a share and $12.50 a share, down from prior guidance of between $12.80 to $13.10 a share. Analysts surveyed by FactSet were expecting earnings of $12.97 a share.
The company also posted fiscal first-quarter earnings of $2.82 a share on revenue of $3 billion. Analysts surveyed by FactSet expected earnings of $3 a share on revenue of $3.2 billion.
Sales in Europe of $731 million decreased 8% from the prior year in the first quarter, Asia sales of $794 million increased 2%, and Americas sales of $1.3 billion were down 10%.
“Our reported results were lower than our expectations, mainly due to a slowdown in manufacturing in Asia, particularly in China; lower helium demand; cost headwinds from a sale of equipment project; and currency devaluation in Argentina,” Chief Executive Seifi Ghasemi said in the earnings release.
Shares of Air Products were falling 15% to $220.43, marking their largest percentage decrease since Oct. 19, 1987, when the stock fell 21.5%, according to Dow Jones Market Data. The stock was the worst performer in the
S&P 500
Monday. The broad market index was down 0.6%.
Write to Angela Palumbo at [email protected]
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