Air Products’ fiscal fourth-quarter revenue rose 12% to $3.56 billion, with sales in the Americas up 27%. The industrial gases company said higher volumes and prices helped drive the increase; revenue also exceeded analysts’ $3.33 billion estimate.
Net income was $584.3 million, or $2.62 a share, compared with $4.9 million, or 2 cents a share, a year earlier. Both quarters included significant charges, the company said. These included costs tied to project-exit decisions and, in the year-ago period, the initial impairment of two China coal gasification plants. Charges in the latest quarter reflected updated estimates related to the sale process for those plants.
Adjusted earnings per share were $3.61, in line with analyst estimates, according to FactSet. Sales rose 4% in Asia and 8% in Europe.
Chief Executive Eduardo Menezes said the results showed progress in improving Air Products’ core industrial gas business. The company added to its industrial gas project backlog with new business wins during the quarter, he said, and plans to keep focusing on that area into fiscal 2027.
For the current fiscal first quarter, Air Products expects adjusted earnings per share of $3.35 to $3.45, below analysts’ projection of $3.47. Its full-year forecast is $14.15 to $14.50 a share, compared with Wall Street’s estimate of $14.45.
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