Air Products beats by $0.13, beats on revs; guides Q2 EPS above consensus; raises FY18 EPS outlook (174.00)
- Reports Q1 (Dec) earnings of $1.79 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus of $1.66; revenues rose 17.7% year/year to $2.22 bln vs the $2.12 bln Capital IQ Consensus.
- For the quarter, adjusted EBITDA of $735 million increased 12 percent over the prior year, driven by the higher volumes and Asia pricing. Adjusted EBITDA margin of 33.2 percent decreased 160 basis points from the prior year, primarily driven by the China contract termination/plant sale and higher energy pass-through.
- Co issues upside guidance for Q2, sees EPS of $1.65-1.70, excluding non-recurring items, vs. $1.65 Capital IQ Consensus Estimate.
- Co raises guidance for FY18, sees EPS of $7.15-7.35 (Prior $6.85-7.05), excluding non-recurring items, vs. $7.06 Capital IQ Consensus Estimate.