Air Products and Chemicals (NYSE:APD) Updates FY24 Earnings Guidance

Air Products and Chemicals (NYSE:APD) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $12.20-12.50 for the period, compared to the consensus earnings per share estimate of $12.35. Air Products and Chemicals also updated its FY 2024 guidance to 12.200-12.500 EPS.

Air Products and Chemicals Trading Up 2.7 %

NYSE:APD traded up $6.52 during trading hours on Thursday, hitting $244.01. The stock had a trading volume of 1,165,196 shares, compared to its average volume of 1,732,465. The company has a market cap of $54.24 billion, a price-to-earnings ratio of 21.44, a P/E/G ratio of 2.60 and a beta of 0.80. Air Products and Chemicals has a one year low of $212.24 and a one year high of $307.71. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.58 and a current ratio of 1.49. The business’s 50 day moving average is $237.72 and its 200-day moving average is $254.55.

Air Products and Chemicals (NYSE:APD) last released its quarterly earnings results on Tuesday, April 30th. The basic materials company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.15. The company had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Air Products and Chemicals had a net margin of 20.32% and a return on equity of 16.56%. The business’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.74 earnings per share. Sell-side analysts anticipate that Air Products and Chemicals will post 12.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Air Products and Chemicals from $270.00 to $260.00 and set an overweight rating for the company in a report on Wednesday. TheStreet lowered shares of Air Products and Chemicals from a b rating to a c+ rating in a research report on Monday, February 5th. Wells Fargo & Company lowered shares of Air Products and Chemicals from an overweight rating to an equal weight rating in a research report on Monday, February 5th. UBS Group lowered shares of Air Products and Chemicals from a buy rating to a neutral rating and dropped their price target for the stock from $328.00 to $241.00 in a research report on Thursday, February 8th. Finally, Mizuho dropped their price objective on shares of Air Products and Chemicals from $295.00 to $286.00 and set a buy rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $277.43.

About Air Products and Chemicals

Air Products and Chemicals, Inc provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, manufacturing, electronics, energy production, medical, food, and metals.