Specialty gas and materials maker Air Products (NYSE:APD) reported second-quarter results today and while it met expectations on the top and bottom lines, the company's guidance was lowered from previous estimates.
Air Products reported revenues of $2.5 billion, up 6% from the year-ago period, and earnings of $1.37 per share on a continuing basis, both in line with Wall Street forecasts and its own prior guidance. However, because of market weakness, it provided third-quarter earnings guidance of $1.33 to $1.38 per share and lowered its full-year guidance for continuing operations for fiscal 2013 to a range of $5.45 to $5.60 per share.
That is below the outlook it provided in January, when it estimated earnings for fiscal 2013 to be in the range of $5.70 to $5.90 per share.
Air Products CEO John McGlade was quoted as saying, "Given the weakness we saw coming out of Q2, we are tempering our expectations for economic growth in the second half of our fiscal year. We remain focused on those things within our control, including reliable plant operations, disciplined project execution, capital allocation, and further productivity improvements. In light of our view of continuing slow growth, we are actively assessing whether there are additional actions we can take that would result in increased value to our shareholders."
Air Products has been in business for more than 70 years and has more than 20,000 employees in more than 50 countries.