By Dean Seal
Air Products & Chemicals Inc. said higher prices and volumes lifted net income in its fiscal first quarter, though sales and adjusted earnings fell short of analyst expectations.
The Allentown, Pa.-based provider of essential industrial gases and chemicals posted a profit of $572.2 million, or $2.57 a share, compared with $560.4 million, or $2.52 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $2.64 a share. Analysts polled by FactSet had been expecting $2.70 a share.
Sales came in at $3.17 billion, up from $2.99 billion last year but below analyst expectations of $3.28 billion, according to FactSet.
Prices were up 7% for the quarter and volumes were up 2%, though unfavorable foreign-currency fluctuations and higher costs ate into the company's top and bottom lines.
Shares slipped 2.1% to $311.32 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
02-02-23 0640ET