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NEW YORK - Air Products (NYSE:APD) reported second-quarter earnings that fell short of analyst expectations and lowered its full-year outlook, sending shares down 2.6% in early trading.
The industrial gases company posted adjusted earnings per share of $2.69 for the quarter, missing the consensus estimate of $2.84.
Air Products also announced strategic initiatives including exiting three U.S. projects and implementing a global cost reduction plan, resulting in charges of approximately $2.9 billion.
Looking ahead, Air Products cut its fiscal 2025 adjusted EPS guidance to a range of $11.85 to $12.15, down from the analyst consensus of $12.51.
For the third quarter, the company expects adjusted EPS between $2.90 and $3.00, below the $3.28 consensus estimate.
"We are taking decisive actions to position Air Products for long-term success in a rapidly evolving energy landscape," said Eduardo F. Menezes, who was appointed CEO during the quarter. "While these decisions were difficult, they will allow us to focus our resources on the most promising growth opportunities."
The company maintained its commitment to shareholder returns, increasing its quarterly dividend to $1.79 per share.
Air Products now anticipates capital expenditures of approximately $5 billion for fiscal year 2025.
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