Air Products Shares Fall as $450M Volume Ranks 321st Despite 7% Operating Income Rise

On July 31, 2025, Air Products (APD) closed with a 0.78% decline, trading at $0.45 billion in volume, ranking 321st in market activity. The industrial gas provider reported fiscal Q3 2025 results, showing GAAP earnings per share of $3.24 (up 4% year-over-year) and adjusted EPS of $3.09 (down 3%). Operating income rose 7% to $791 million, while adjusted operating income remained flat at $741 million. The firm revised full-year adjusted EPS guidance to $11.90–$12.10 and Q4 guidance to $3.27–$3.47, citing cost productivity and pricing strategies. CEO Eduardo Menezes highlighted resilience despite lower volumes from LNG sales and helium demand shifts.

Segment performance varied: Americas sales grew 2% on energy cost pass-through, while Europe surged 11% due to favorable currency and pricing. Asia saw 3% revenue growth but 3% lower pricing. Capital expenditures are projected at $5 billion for FY2025, reflecting ongoing investments in hydrogen projects. The company noted one-time gains from asset sales and costs related to project exits and shareholder activism, which offset core earnings trends.

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