Air Products cuts FQ3 earnings guidance

Air Products & Chemicals (APD) reports a 2.4% drop in FQ2 earnings, and lowers its earnings outlook for FQ3.

APD now sees FQ3 EPS of $1.42-$1.47 vs. $1.50 analyst consensus estimate, and lowers the top end of its FY 2014 EPS guidance to $5.70-$5.85 from prior guidance of $5.70-$5.90 vs. $5.78 consensus.

Sales rose 3.9% Y/Y to $2.58B while product costs rose 5.7%: sales in APD's merchant gases segment rose 3.7% to $1.04B, the tonnage gases segment - which provides gases to refineries and steelmaking industries - reported 3.9% higher revenue, and electronics and performance materials gained 7.8%.

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