Air Products beats by $0.01, misses on revs; guides Q3 EPS in-line; raises FY16 EPS above consensus
- Reports Q2 (Mar) earnings of $1.82 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.81; revenues fell 5.9% year/year to $2.27 bln vs the $2.37 bln Capital IQ Consensus, on unfavorable currency and lower energy pass-through of three percent each. Volumes were unchanged, as Industrial Gases -- Asia growth continued while most other segment volumes were lower. Pricing overall was flat despite higher pricing in Industrial Gases -- Americas and Industrial Gases -- Europe, Middle East and Africa (EMEA).
- Co issues in-line guidance for Q3, sees EPS of $1.87-1.92, excluding non-recurring items, vs. $1.90 Capital IQ Consensus Estimate.
- Co issues upside guidance for FY16, raises EPS to $7.40-7.55 from $7.25-7.50, excluding non-recurring items, vs. $7.41 Capital IQ Consensus Estimate.