Air Products Posts Higher 3Q Profit, Revenue

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.

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(END) Dow Jones Newswires

August 04, 2022 06:33 ET (10:33 GMT)

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