Shares of Air Products and Chemicals, Inc. (APD) rose sharply on Friday after the company reported better-than-expected first-quarter results.
The stock opened at $267.35, up from its previous close of $256.00, and was recently trading at $268.46, representing a gain of $12.46, or 4.87%. The shares have traded between $229.11 and $341.14 over the past 52 weeks.
The industrial gases giant posted first-quarter adjusted earnings of $3.16 per share, exceeding the top end of guidance, driven by favorable pricing, productivity gains, and lower maintenance costs. Quarterly sales rose 6% year-over-year to $3.10 billion.
The company maintained its full-year adjusted earnings outlook of $12.85 to $13.15 per share.
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