By Dean Seal
Air Products & Chemicals recorded higher earnings in its fiscal second quarter even as sales slipped on a drop in energy cost pass-through.
The provider of essential industrial gases and chemicals posted a profit of $572.4 million, or $2.57 a share, for the first three months of the year, compared with $439.8 million, or $1.97 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings $2.85 a share. Analysts polled by FactSet had been expecting $2.70 a share.
Quarterly sales slid to $2.93 billion from $3.20 billion last year, below analyst projections for $3.05 billion, according to FactSet.
The 8% decline was driven by lower energy cost pass-through, which more than offset a small step up in pricing, as well as a lower volume and unfavorable foreign currency translation.
The higher prices and a pullback in certain costs meanwhile boosted earnings.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
04-30-24 0639ET