Air Products (APD) Wednesday said its first-quarter profit increased, mainly on higher revenues. Both earnings and revenues came in above analysts' expectations.
Net Income Attributable to Air Products increased to $278.3 million or $1.31 per share from $248.1 million or $1.16 per share in the same period last year.
Earnings from continuing operations totaled $276.9 million or $1.30 per share, up from $225.9 million or $1.06 per share last year.
On average, 18 analysts polled by Thomson Reuters expected the company to earn $1.29 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $2.56 billion, up from $2.32 billion in the same period last year. Analysts expected revenues of $2.48 billion.
Looking ahead to fiscal year 2013, the company has forecast earnings in a range of $5.70 to $5.90 per share. Analysts expect full-year earnings of $5.74 per share.
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