Air Products beats by $0.05, beats on revs; guides Q3 EPS below consensus; reaffirms FY17 EPS guidance
- Reports Q2 (Mar) earnings of $1.43 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $1.38; revenues rose 11.4% year/year to $1.98 bln vs the $1.84 bln Capital IQ Consensus.
- Co issues downside guidance for Q3, sees EPS of $1.55-1.60, excluding non-recurring items, vs. $1.64 Capital IQ Consensus Estimate.
- Co reaffirms guidance for FY17, sees EPS of 6.00-6.25, excluding non-recurring items, vs. $6.14 Capital IQ Consensus Estimate.
- "Air Products continues to operate from a position of strength. Cash generation and disciplined capital allocation drive long-term value, and Air Products has a significant amount of cash to invest in our core industrial gases business. In fact, over the next three years, we expect to have approximately $8 billion to deploy in strategic, high-return opportunities to create shareholder value."