Air Products (APD) Tops Q3 EPS by 2c

Air Products (NYSE: APD) reported Q3 EPS of $2.01, $0.02 better than the analyst estimate of $1.99. Revenue for the quarter came in at $2.07 billion versus the consensus estimate of $2.07 billion.

Q3 FY20 (comparisons versus prior year):

• GAAP EPS of $2.01, down nine percent, including an estimated $0.35-$0.40 negative impact from COVID-19; GAAP net income of $457 million, down nine percent; and GAAP net income margin of 22.1 percent, down 40 basis points
• Adjusted EPS* of $2.01, down seven percent, including an estimated $0.35-$0.40 negative impact from COVID-19; adjusted EBITDA margin* of 42.7 percent, up 260 basis points

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "As the world continues to navigate challenging conditions related to COVID-19, I am very proud of the Air Products team who have demonstrated their true character and commitment in keeping our plants running and our customers supplied with essential products. Meanwhile our onsite business—which represents more than half of our sales—remains stable, and we continued to execute on our growth strategy, announcing two new megaprojects in Saudi Arabia and Indonesia which together represent planned Air Products investment of approximately $5.7 billion."

For earnings history and earnings-related data on Air Products (APD) click here.

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