Air Products & Chemicals Inc. (APD) reported a plunge in fourth-quarter GAAP net income attributable to the company to $138.7 million, or $0.65 per share, from $324.8 million, or $1.51 per share a year ago. Non-GAAP earnings were $305 million, or $1.42 per share on a continuing operations basis, for its fiscal fourth quarter ended September 30, 2012. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $1.43 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly sales were $2.61 billion, up 4% from the prior year's $2.51 billion in the comparable period in 2011. On an underlying basis, sales improved four percent on higher volumes in the Tonnage Gases, Equipment and Energy, and Electronics and Performance Materials segments. Acquisitions contributed six percent, which was offset by lower energy pass-through and a stronger dollar, the company added.
Looking ahead, the company announced its initial guidance for fiscal 2013 earnings per share of $5.65 - $5.85, while 21 analysts project annual earnings of $6.16 per share.
For the first quarter of fiscal 2013, earnings per share is expected to be between $1.26 and $1.31 per share. Analysts estimate first-quarter earnings per share of $1.38.
Separately, Air Products announced that Paul Huck, senior vice president and chief financial officer, would retire on February 28, 2013 after over 33 years of service. The board has selected Scott Crocco, currently vice president and controller, to replace Huck as senior vice president and chief financial officer in February. Crocco would oversee all aspects of the worldwide financial organization, including controllership, treasury, investor relations, tax and audit, reporting to John McGlade, chairman, president and CEO, and also serve on the company's Corporate Executive Committee.
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