Air Products Beats On Q3 Earnings, But Revenue Misses On Lower Energy Cost Pass-Through, Unfavorable Currency
Portfolio Pulse from Lekha Gupta
Air Products & Chemicals Inc (APD) reported a Q3 FY23 adjusted EPS increase of 16% Y/Y to $2.98, beating the consensus of $2.91. However, sales fell 5% Y/Y to $3.03 billion, missing the consensus of $3.27 billion due to lower energy cost pass-through and unfavorable currency. The company recently signed a $1 billion investment deal with the Republic of Uzbekistan and Uzbekneftegaz JSC. APD raised the lower end of the adjusted EPS guidance for FY23 and reiterated its 2023 capital expenditures outlook.
August 04, 2023 | 1:21 pm
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APD beat Q3 FY23 EPS estimates but missed on revenue. The company also signed a $1 billion investment deal with Uzbekistan and raised its FY23 EPS guidance.
Despite beating EPS estimates, APD's stock price may be negatively impacted in the short term due to the revenue miss. The $1 billion investment deal with Uzbekistan could provide long-term benefits, but it's unclear how it will affect the stock price in the short term. The raised EPS guidance for FY23 could be a positive signal to investors.
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