Industrial chemical and gas producer Air Products & Chemicals, Inc. (APD) on Wednesday lifted its full year profit forecast, after profit in the first quarter increased, backed by a 10 percent rise in sales.
Net income attributable to Air Products rose to $278.3 million from $248.1 million. Earnings per share grew to $1.31 from $1.16.
Earnings from continuing operations were $1.30 per share, while it was $1.06 per share last year. Adjusted earnings from continuing operations totaled $1.26 per share last year. On average, 18 analysts polled by Thomson Reuters expected earnings of $1.29 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter climbed to $2.56 billion from $2.32 billion in the prior year. Analysts expected revenues of $2.48 billion.
Underlying sales grew 4 percent on improved volumes in Tonnage Gases and acquisitions contributed 6 percent.
In Merchant Gases, sales increased 14 percent to $1.01 billion due to the Indura acquisition.
Tonnage Gases sales increased 11 percent to $898 million on strong base loading and new plant volumes. Electronics and Performance Materials sales rose 3 percent to $549 million, primarily due to the DA NanoMaterials acquisition.
Equipment and Energy sales increased 19 percent to $106 million due to higher large ASU and LNG equipment sales.
John McGlade, CEO, said, "Globally, economic growth underperformed our expectations for the quarter. We delivered higher volumes in Tonnage Gases, and Equipment and Energy. However, both Merchant Gases and Electronics volumes declined. Our operating performance was encouraging and we are seeing improvements from our cost and restructuring actions.''
Looking ahead to the second quarter, the firm expects earnings to be between $1.34 and $1.39 per share. Wall Street expects earnings of $1.39 per share for the quarter.
Air Products now sees fiscal 2013 earnings in the range of$5.70 to $5.90 per share, compared to the previous forecast of $5.65 to $6.85 per share. Analysts look for full year earnings of $5.74 per share.
APD closed at $89.40 on Tuesday.
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