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Air Products and Chemicals, Inc. (NYSE:APD) reported worse-than-expected first-quarter financial results and lowered FY24 adjusted EPS guidance below estimates on Monday.
Air Products & Chemicals posted adjusted earnings of $2.82 per share, missing market estimates of $3.00 per share. The company’s quarterly sales came in at $3.00 billion versus expectations of $3.19 billion, according to data from Benzinga Pro.
APD raised its quarterly dividend to $1.77 from $1.75 in January 2024. The dividend is payable on May 13, 2024, to shareholders of record on April 1, 2024.
Air Products lowered its adjusted EPS outlook to $12.20-$12.50 (prior $12.80-$13.10) versus consensus of $12.97. The company reiterated its 2024 capital expenditures outlook of $5.0 billion-$5.5 billion.
For the second quarter, Air Products sees adjusted EPS of $2.60-$2.75 versus consensus of $3.16.
Air Products shares fell 0.4% to trade at $217.17 on Tuesday.
These analysts made changes to their price targets on Air Products & Chemicals after the company reported quarterly results.
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Posted In: APD