Air Products & Chemicals reported second-quarter earnings that exceeded estimates, but revenues were slightly lower and the outlook was in line with estimates.
Net income for the quarter ended March 31 rose to $ 530.5 million, or $ 2.38 a share, from $ 473.1 million, or $ 2.13 a share, a year earlier.
Excluding extraordinary items, adjusted earnings per share rose 14% to $ 2.38, compared to estimates for $ 2.36.
Sales rose 17.7 percent to $ 2.95 billion, but were marginally lower than estimated at $ 3 billion.
The increase in sales came from the 8% higher volumes and the 6% higher prices, offsetting the adverse effects from the foreign exchange.
The cost of sales increased by 23.3%, exceeding the increase in sales, as the profit margin decreased to 18.2% from 19.1%.
For the third quarter, the company expects adjusted earnings per share of $ 2.55-2.65, compared to estimates for $ 260.
Source: Capital

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