Air Products and Chemicals Inc (NYSE: APD) continued its current upside momentum in Friday’s session. The stock opened and edged higher, closing the day at $243.95. On the 24th of January, the company announced its earnings and sales for Q1 and they were much higher than expectations.
The company announced an EPS of $2.14, representing an increase of 36% compared to an EPS of $1.57 that the company recorded in a similar quarter in the last financial year. Analysts were expecting the company to report an EPS of $2.08.
The company’s bottom-line was pushed up by increased volumes and prices in all the areas where it operates. In the quarter, volumes increased by 6%, while prices edged higher by 3%. The company reported revenues of $2,254.7 million, representing an increase of 1% compared to a similar period in the last financial year. Analysts were expecting the company to report Q1 revenues of $2,240.7 million.
Looking at its revenues by regions, the company’s industrial gases revenues in the American market dropped by 5% to $936 million compared to a year ago. On the other hand, industrial gases sales in the EMEA region (Europe, Middle East and Africa) dropped by 5% compared to a year ago. However, sales in Asia grew by 11% compared to a year ago to hit $693 million. This was supported by higher volumes in the company’s new plants, and higher prices.
In terms of financials, the company closed the quarter with cash and cash equivalents of $2,406.1 million. This was 18% lower than last year. The company’s long term debt dropped by 1% to 2,937 million.
Looking at its price action, APD is in an uptrend and is gaining momentum. In Friday’s session, the stock opened the day at $237.54 and traded between a low of $237.54 and a high of $244.61 before closing the day at $243.95. Volumes in the day stood at 1.76 million.
About Air Products and Chemicals Inc
Air Products and Chemicals Inc sells atmospheric gases, specialty gases and other services across the globe. It is based in Allentown, Pennsylvania.