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It has been about a month since the last earnings report for Chemours (CC). Shares have added about 7.5% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Chemours due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Chemours reported a net loss of $274 million or a loss of $1.81 per share for the second quarter of 2026. This compares favorably with the year-ago quarter’s net loss of $380 million or a loss of $2.53 per share. Barring one-time items, earnings were 42 cents per share, which missed the Zacks Consensus Estimate of 43 cents by roughly 2.3%. Adjusted earnings also declined from 61 cents per share in the year-ago quarter. The company reported second-quarter net sales of $1,591 million, reflecting a 1% decrease from the previous-year quarter. The figure missed the Zacks Consensus Estimate of $1,674.1 million by roughly 5%. Net sales were affected by a 4% decrease in volumes, partly offset by a 2% increase in price and a 1% favorable currency impact. Adjusted EBITDA declined 5% year over year to $247 million for the quarter from $260 million. The decrease was due to higher costs in APM associated with the Washington Works outage and lower sales following the SPS Capstone line closure, partly offset by pricing increases across all segments. The TT division recorded revenues of $661 million in the second quarter, marking a 1% increase from the previous year. The figure missed our estimate of $663.6 million. The year-over-year increase was driven by a 2% rise in global pricing and a 1% currency tailwind, which more than offset a 2% decline in global volumes. In the TSS segment, revenues decreased 1% year over year to $591 million in the reported quarter. The figure missed our estimate of $637.3 million. The decline was due to a 4% fall in volumes, partly offset by a 2% increase in price and a slight currency tailwind. Lower volumes primarily reflected weaker North American stationary AC aftermarket sales of Opteon blends compared with elevated demand in the prior-year quarter. TSS adjusted EBITDA increased 3% year over year to $213 million, while adjusted EBITDA margin improved one percentage point to 36%, aided by higher pricing and the timing of certain costs. Revenues in the APM unit amounted to $326 million, which declined 6% year over year. The figure missed our estimate of $338.2 million. The downside was mainly caused by a 9% decrease in volumes, partly offset by a 2% increase in price and a slight currency tailwind. The volume decline primarily reflected the SPS Capstone line closure, while Performance Solutions sales rose 8% year over year on strength in data center and semiconductor end markets. Operating cash flow in the second quarter was $158 million compared with $93 million in the year-ago quarter. Capital expenditures were $44 million compared with $43 million in the prior-year quarter. Free cash flow increased to $114 million from $50 million a year earlier. As of June 30, 2026, Chemours had consolidated gross debt of $3.9 billion. Debt, net of $671 million in unrestricted cash and cash equivalents, was $3.2 billion. Total liquidity was $1.6 billion, and the net leverage ratio was approximately 4.4. For the third quarter, the company expects consolidated net sales to decline in the range of 5% to flat sequentially. Consolidated adjusted EBITDA is expected to be in the range of $175-$205 million. Corporate expenses are expected to be $40-$45 million. The company also expects capital expenditures of around $65 million and free cash flow of at least $50 million. Chemours expects TSS’ net sales to decrease sequentially in the mid-teens to 20% range in the third quarter, reflecting less favorable seasonality and weaker Opteon blends aftermarket demand. Adjusted EBITDA is projected to be between $125 million and $140 million. TT’s net sales are expected to increase sequentially in the low-to-mid-single-digit percentage range, driven by recent pricing announcements, with stable volumes. Adjusted EBITDA is expected to be in the range of $70-$80 million. APM’s net sales are expected to increase sequentially in the mid-to-high-single-digit percentage range, driven by normalized operations at Washington Works and continued strength in Performance Solutions. Adjusted EBITDA for APM is expected to be between $20 million and $30 million. For 2026, Chemours expects net sales to grow in the range of 1-5% year over year and adjusted EBITDA of $775-$825 million. Capital expenditures are expected in the range of $250-$280 million, with free cash flow conversion above 25%. The company continues to target a net leverage ratio of around 3.8x by year-end 2026. In the past month, investors have witnessed a downward trend in estimates revision. The consensus estimate has shifted -46.39% due to these changes. Currently, Chemours has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of A on the value side, putting it in the top quintile for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Chemours has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Chemours belongs to the Zacks Chemical - Diversified industry. Another stock from the same industry, Air Products and Chemicals (APD), has gained 4.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Air Products and Chemicals reported revenues of $3.16 billion in the last reported quarter, representing a year-over-year change of +4.6%. EPS of $3.47 for the same period compares with $3.09 a year ago. Air Products and Chemicals is expected to post earnings of $3.60 per share for the current quarter, representing a year-over-year change of +6.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.4%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Air Products and Chemicals. Also, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Chemours Company (CC) : Free Stock Analysis Report Air Products and Chemicals, Inc. (APD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Air Products and Chemicals (APD) is back in focus after recent earnings helped steady sentiment around a stock that has lagged the broader market while absorbing heavy clean energy spending and helium pricing pressure. See our latest analysis for Air Products and Chemicals. Over the past year, Air Products and Chemicals has shown modest progress, with a 6.47% total shareholder return and firmer sentiment in 2026 reflected in a 21.06% year to date share price return, as recent earnings helped reset expectations after heavy clean energy spending and project exit charges. If this earnings reset has you thinking more broadly about where capital could work next, it may be worth scanning for other infrastructure linked opportunities through the 39 power grid technology and infrastructure stocks The recent rebound in Air Products and Chemicals could be read as confidence in its gas and clean energy projects, or as investors simply leaning back into a previously unloved stock. Which story does the current valuation tell? The most followed narrative for Air Products and Chemicals puts fair value at $342.42 per share, above the recent $303.22 close, and anchors that view in long duration clean energy and electronics projects. Read the complete narrative. Curious what has to happen for that fair value to hold up. The narrative leans on faster top line growth, meaningfully higher margins, and a richer future earnings multiple. The exact mix of those three levers is where the valuation story really lives. Under this framework, Air Products and Chemicals is valued using a 7.61% discount rate, with the gap between the $342.42 fair value and the $303.22 market price reflecting expectations for stronger earnings power once large projects and cost programs mature. Those assumptions also include a step up from current losses to sizeable profits over time and a P/E that lines up with broader chemicals peers by the end of the forecast horizon. Result: Fair Value of $342.42 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Air Products and Chemicals story still hinges on heavy clean energy capital spending and helium market uncertainty, which could pressure cash flow and delay margin repair. Find out about the key risks to this Air Products and Chemicals narrative. While the SWS fair value model suggests Air Products and Chemicals trades below estimated future cash flows, a simple P/S check points the other way. APD trades at 5.4x sales versus 1.1x for the US Chemicals industry, 4.4x for peers, and a fair ratio of 2.5x that the market could move toward over time. This gap implies investors are already paying a premium for APD's growth story. The key question is whether the future projects and margin plans justify holding that premium, or if the P/S ratio edges closer to the fair ratio instead. See what the numbers say about this price — find out in our valuation breakdown. With Air Products and Chemicals pulled in different directions by clear risks and clear rewards, it makes sense to look closely at the full picture yourself. Then decide how that balance sits with your own approach by reviewing the 2 key rewards and 2 important warning signs If you stop with Air Products and Chemicals, you could miss other setups that better match your style, risk tolerance, and income goals on Simply Wall Street. Target potential mispricings across the market by scanning companies highlighted in the 53 high quality undervalued stocks. Strengthen the quality of your watchlist by focusing on businesses featured in the solid balance sheet and fundamentals stocks screener (50 results). Spot opportunities the crowd may have overlooked by reviewing the screener containing 20 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include APD. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

The fuel cell maker's earnings multiple is measured on a trailing year, while the guidance management has raised describes a far bigger business. That mismatch moves the buy decision onto delivery rather than demand. Bloom Energy (BE) has returned about 530% over the trailing twelve months and still trades roughly 31% below its 52-week high. At about $237 a share it changes hands at 278 times trailing earnings, against 23.8 for the S&P 500. Whether that gap is a warning or a lag depends on what the trailing figures measure. The Business Changed Faster Than The Trailing Window Bloom sells solid oxide fuel cell systems for on-site power generation. By its own account it took nearly a decade to become the standard supplier to hospitals, factories and university campuses, and less than a year to become one for AI data centers, where every major U.S. hyperscaler and more than a dozen neoclouds, AI labs, and colocation operators have validated its power solutions. Revenue over the trailing twelve months was $3.1 billion, up from $1.6 billion a year earlier, while the second quarter of 2026 alone brought $1.065 billion, up 166% year over year. A multiple measured across that window is priced against quarters that predate the ramp, which is why the raised full-year 2026 outlook matters more: revenue of $3.9 billion to $4.2 billion, and non-GAAP diluted earnings of $2.55 to $2.85 a share. Where The Twenty-Five Billion Actually Sits Most customers never buy the equipment outright. A financier purchases the energy servers and serves the end customer under the contract Bloom originated. Brookfield anchors that financing shelf: the partnership was formed last fall at $5 billion and expanded fivefold in June to $25 billion. That commitment is available project capital rather than an order book. What the trailing year shows is mixed: the business turns 23.7% of revenue into operating cash flow against 21.8% for the market, while its operating margin of 11.2% still trails the market's 18.4%. Holdings in the Trefis High Quality Portfolio tend to be businesses where growth, strong margins and cash generation already sit together. Lumpy Deliveries And A Withdrawn Cash Flow Guide The company flags the fragile part of its model: large campus deliveries are lumpy, and revenue can look concentrated in one or two customers in any single quarter, a concentration management attributes to delivery timing rather than backlog composition. Alongside the raised revenue and operating income outlooks, free cash flow guidance is no longer part of the presentation, a change the CFO described as aligning it with what the company truly guides, while saying conversion from operating income into cash remains strong. Separately, a securities class action covering stock purchases from February 2025 through July 2026 alleges false or misleading statements by the company and certain of its top executives. And when markets have broken this stock has fallen harder: down 78% in the 2020 pandemic crash against 34% for the S&P 500. The options market prices implied volatility at 98, the 15th percentile of its own trailing one-year range: high by most standards, low by this stock's own. At 278 times trailing earnings the price already pays for deliveries landing on schedule and the cash arriving behind them, making this a delivery question rather than a demand one. A slipped campus quarter with no conversion is where the multiple turns from a lag into a warning, and the same five factors on every stock are where both would show. Buy It Or Fear It, How Much Of It Should You Own? Whichever way the call lands, the bigger question is how much of any single stock belongs in a portfolio at all. A position that has grown large enough to matter is worth sizing deliberately rather than by accident. What a position that size would do to your net worth is exactly what the Trefis Wealth team computes, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions.

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Air Products and Chemicals (APD) just reported third quarter results that combined higher sales with a sizeable net loss, raised its adjusted earnings outlook, and confirmed another quarterly dividend for shareholders. See our latest analysis for Air Products and Chemicals. At a share price of US$294.89, Air Products and Chemicals has given investors a year to date share price return of 17.73%. The 1 year total shareholder return of 7.45% and 5 year total shareholder return of 15.00% point to steadier long term compounding than the recent 1 month share price decline of 3.76% and 1 week share price decline of 1.00%. This suggests some cooling in near term momentum following the earnings beat, raised adjusted outlook, and confirmation of the quarterly dividend. If you are looking beyond industrial gases for what could be moving next, this is a good moment to scan 35 power grid technology and infrastructure stocks Air Products and Chemicals just paired a strong industrial gases footprint with a quarter that combined higher sales and an adjusted earnings lift with a reported loss. After the recent share price pullback, is that quality now priced fairly or not? On the most followed narrative, Air Products and Chemicals is valued at $335.95 per share against a last close of $294.89. This frames the current discount and sets up the key growth assumptions behind that gap. Read the complete narrative. Want to see what turns those projects into a higher fair value for Air Products and Chemicals? The narrative leans on steady revenue expansion, rising margins and a future earnings profile that assumes a premium profit multiple. Result: Fair Value of $335.95 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to weigh up the risk that large hydrogen and ammonia projects tie up capital for longer than expected, while helium weakness continues to pressure margins. Find out about the key risks to this Air Products and Chemicals narrative. The SWS fair ratio for Air Products and Chemicals presents a different perspective compared to the DCF based 12.2% undervaluation. The stock trades on a P/S of 5.2x, while the fair ratio stands at 2.7x, the US Chemicals industry is at 1.1x, and peers average 4.3x. That kind of premium can indicate valuation risk if expectations are not met. How much are you willing to pay for growth that still needs to be delivered? See what the numbers say about this price — find out in our valuation breakdown. Reading the mix of opportunity and caution around Air Products and Chemicals, it makes sense to review the underlying data now and decide where you stand. To weigh both the upside and the concerns in one place, take a look at the 2 key rewards and 2 important warning signs If you feel the Air Products and Chemicals story is only part of your opportunity set, use this moment to broaden your watchlist with fresh ideas. Target potential value upside by reviewing companies on the 55 high quality undervalued stocks that combine appealing prices with stronger fundamentals. Strengthen the defensive side of your portfolio by assessing companies in the solid balance sheet and fundamentals stocks screener (45 results) that pair cleaner balance sheets with consistent operations. Aim for income that works harder for you by scanning the 9 dividend fortresses and spotting stocks with higher yields that still look supported by fundamentals. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include APD. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Air Products and Chemicals, Inc.? Here are five stocks we like better. Air Products exceeded expectations in Q3: Adjusted EPS rose 12% to $3.47, while operating margin expanded to 25.6%. The company raised its fiscal 2026 adjusted EPS outlook to $13.39–$13.49, supported by new assets, pricing and productivity savings. The company is reshaping its project portfolio: Air Products exited its Louisiana, Casa Grande and other clean-energy distribution projects, resulting in a $2.9 billion pre-tax charge. It lowered fiscal 2026 capital spending guidance by $500 million to approximately $3.5 billion. Traditional industrial gases remain a growth focus: Air Products cited strong electronics-related project wins and a roughly $3 billion backlog, while its agreement with Yara will help market renewable ammonia from the NEOM project. Management said NEOM is not expected to have a material fiscal 2027 earnings impact. 3 Strong Dividend Growers for Income Without Rate Risk Air Products and Chemicals (NYSE:APD) reported fiscal third-quarter earnings per share of $3.47, up 12% from a year earlier and above its prior guidance range, as higher on-site volumes, new assets and equity affiliate contributions offset inflation-related costs and helium pressure. Chief Executive Officer Eduardo Menezes said operating income increased 9% year over year, while operating margin improved by more than 100 basis points to 25.6%. Sales rose 5%, according to Chief Financial Officer Melissa Schaeffer. The company cited volume growth, pricing and favorable currency effects as key contributors. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 3 large caps with RSIs that scream 'oversold' “Volume improvement was led by higher on-site results, new asset on streams, and helium,” Menezes said. He added that the company’s helium headwind was 2% during the quarter, better than its expectation, aided by electronics momentum in Asia. Air Products raised its full-year fiscal 2026 adjusted earnings outlook to $13.39 to $13.49 per share, representing expected growth of 11% to 12% from the prior year. The company projected fourth-quarter adjusted earnings of $3.55 to $3.65 per share, up 5% to 8% year over year. → Microsoft Just Flipped the AI Spending Narrative Overnight 6 Ways to Invest in Hydrogen Fuel Cells: 4 Are Worth A Nibble Management said earnings growth is expected to come from contributions from new assets, pricing actions and productivity measures, while noting continued macroeconomic uncertainty. The company expects helium to remain a headwind because of lower prices, despite improved volume and pricing in Asia. Schaeffer said Air Products had recognized approximately $75 million in savings year to date under its headcount-reduction plan. The company also said it was free-cash-flow positive year to date, with operating cash flow exceeding maintenance and backlog-related capital spending. Americas operating income rose 6%, driven by on-site volume, including higher production at U.S. refinery assets and a new Gulf Coast hydrogen pipeline asset. Asia operating income increased 18%, benefiting from gasification assets held for sale, new assets and helium. Europe operating income rose 2%, as pricing actions and currency effects outweighed higher power and fixed costs. Middle East and India operating income was relatively flat, while equity affiliate income increased from Saudi Arabian joint ventures. → Carrier Earnings Could Send the Stock to a New All-Time High During the quarter, Air Products decided to exit its Louisiana project, the Casa Grande, Arizona project, and other smaller clean-energy distribution projects. The decisions resulted in a $2.9 billion pre-tax charge. Menezes said the company is seeking opportunities to redeploy industrial gas assets and sell ammonia production assets associated with the Louisiana project. He described the equipment as high-quality assets with potential value for use in Air Products’ own operations, commercial sale as complete units, or potential future projects. “Our objective is to recover as much money as we can” and generate new business for the company, Menezes said. Management did not provide a timeline or updated estimate for potential proceeds from the asset recovery effort. The company reduced its fiscal 2026 capital expenditure outlook to approximately $3.5 billion, about $500 million lower than its prior outlook. Schaeffer attributed the reduction primarily to payment timing, lower anticipated maintenance spending and canceled projects. Looking ahead, Air Products expects to invest about $1.5 billion annually in traditional industrial gas projects. Its traditional industrial gas backlog totals approximately $3 billion, with a significant portion aimed at electronics customers. Menezes said the company has secured more than $1.5 billion in project wins during the past six months, largely tied to the electronics market. Air Products also announced a marketing and distribution agreement with Yara covering renewable ammonia from the NEOM Green Hydrogen project in Saudi Arabia. Under the agreement, Yara will transport and commercialize renewable ammonia acquired by Air Products from the NEOM Green Hydrogen Company, or NGHC, that Air Products does not use to produce green hydrogen in Europe. Menezes said the arrangement creates an integrated renewable-ammonia value chain using Yara’s distribution network and shipping capabilities. He said the agreement reduces Air Products’ volume risk because Yara will market and distribute the product, although Air Products will retain most of the price risk. Management said it expects no material financial impact from the project in fiscal 2027, including no expected gain or loss on the income statement. Schaeffer said the company’s major funding contributions to the project are largely complete, while the facility will require a potentially extended commissioning process before reaching full production capacity. Air Products returned $1.2 billion to shareholders through dividends year to date. Its net debt-to-EBITDA ratio stood at 2.1 times, including its proportionate ownership of NGHC assets under construction. Management said it remains committed to returning to an AA-2 credit rating over the long term and sees a potential path to share repurchases toward the end of 2027 or early 2028, subject to capital needs and investment opportunities. Air Products and Chemicals, Inc is a global supplier of industrial gases and related equipment and services, headquartered in Allentown, Pennsylvania. The company produces and delivers atmospheric gases such as oxygen, nitrogen and argon, as well as specialty and process gases used across a wide range of industrial applications. Air Products designs, builds and operates gas production facilities, merchant distribution networks and on-site gas systems for customers that require reliable, high-purity gases and integrated supply solutions. The company's product and service portfolio includes packaged and bulk gas supply, pipeline distribution, on-site generation, gas handling and storage equipment, and engineered systems for gas liquefaction and purification. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Air Products and Chemicals Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Earnings per share of $3.47 increased 12% year-over-year, exceeding guidance due to improved volume and higher equity affiliate contributions. Operating income grew 9% year-over-year, driven by volume and price improvements, with operating margin expanding over 100 basis points to 25.6%. Strong volume growth in the on-site business, led by new assets on stream in Asia and the Americas and higher production from US refinery assets. Secured a marketing and distribution agreement with Yara for renewable ammonia from the NEOM project, eliminating volume risk and creating an integrated value chain. Raised full-year fiscal 2026 EPS guidance to $13.39-$13.49, implying 11%-12% growth, supported by new asset contributions, pricing actions, and productivity savings. Recorded a pre-tax charge of $2.9 billion from exiting the Louisiana project, Casa Grande project, and other clean energy distribution projects. Helium remains a headwind, with a 2% negative impact in the quarter due to lower prices and reduced space volume in the Americas, despite some improvement in Asia. Higher costs from fixed cost inflation, distribution, and dislocation costs partially offset volume and price gains, particularly in the Americas segment. Macroeconomic uncertainties persist, with cautious outlook for Europe and Asia, where industrial markets are not growing and overcapacity remains a challenge in China. The NEOM project's financial impact for fiscal 2027 is expected to be zero, but the company retains price risk on ammonia offtake, with no clear timeline for full production or deconsolidation. Here are the key highlights from Air Products and Chemicals Inc (NYSE:APD)'s Q3 Fiscal 2026 earnings call, presented as a summary of the most important Q&A pairs. Warning! GuruFocus has detected 6 Warning Signs with APD. Is APD fairly valued? Test your thesis with our free DCF calculator. Q: Regarding the NEOM green hydrogen project (NGHC), you mentioned no material financial impact for fiscal 2027. Does this mean you don't foresee any drag or benefit from the project next year? Can you also clarify your level of confidence in finding a buyer for the offtake volume?A: Eduardo Menezes (CEO): We can confirm our expectation is to have no gain or loss in fiscal 2027. We cannot go into further detail due to confidentiality obligations. Before the beginning of each year, we will provide a clearer picture of expectations. For 2027, we are confirming no impact for Air Products. Q: Can you elaborate on the source of the incremental improvement in the Helium business? Also, can you provide an update on the supply impact from the situation in Qatar and your efforts to procure helium from other sources?A: Eduardo Menezes (CEO): The improvement comes from new long-term agreements signed, especially for new electronic projects in Asia and the US. Our strategy of diversifying sources (US, Qatar, Algeria) and having our own storage cavern in Texas has proven very reliable. While the situation in Qatar is difficult and volumes from the Middle East are low, we are in a position to draw from our cavern for many quarters, which gives us strength in negotiations with both customers and suppliers. Q: You've had a nice bump in your backlog from electronics projects. Can you offer color on how long these projects were being assessed and whether you expect more to trickle in over the next 12-18 months?A: Eduardo Menezes (CEO): Aside from one large project in Taiwan that started in 2022, most of these projects have come in the last 12 months. The market is going through a super cycle, and we are working hard to get our fair share. We have two very large projects announced (Korea, Taiwan) and others to announce this quarter. The opportunity list is long and skewed toward electronics, which now represents about two-thirds of our opportunities. Q: On the Louisiana project cancellation, can you go into more detail on what happens to the equipment and land, and any discussions you've had?A: Eduardo Menezes (CEO): The project was in an advanced stage, so we have a lot of world-class equipment (air separation plants, ammonia loop) already purchased and in warehouses. We see significant value for these assets in the current market. Our plan is to maximize value recovery by using some equipment in our own operations and commercializing the ammonia loop as a full unit, potentially generating new projects for Air Products. Q: The penalty from Helium this year is lower than originally expected. How would you allocate that impact geographically?A: Eduardo Menezes (CEO): We look at this on a global basis. The impact is mostly in price, resulting from over a year of negotiations during a very short market. Today, that impact is migrating more to Europe and North America, particularly in the healthcare and MRI sectors. We are very optimistic about the future in Helium, gaining new long-term commitments, especially in electronics in Asia. Q: In the Middle East and India segment, equity affiliate income was up over $100 million. Are the joint ventures operating at a new level of profitability, or was this a transitory jump?A: Melissa Schaeffer (CFO): The improvement in equity affiliate income was split amongst multiple joint ventures globally. We did have an especially strong quarter in our Middle East joint venture, but that was largely driven by a contractual, structural preferred dividend to our joint venture partners, which is a timing item. We will see the normal run rate reconfigure in Q4. Q: You reduced your capital expenditure forecast for the target year by about $500 million. What is driving that, and what do you think the alternative use of that capital will be?A: Melissa Schaeffer (CFO): The reduction is largely due to timing associated with the execution and payments of our backlog under execution. There is nothing material behind it. We continue to invest in our underlying industrial gas projects, particularly the electronics wins we are executing. Eduardo Menezes (CEO) added that any proceeds from asset sales will go through our capital allocation pool. Q: On the Yara offtake agreement for NEOM, should investors think of this as fully hedging Air Products' offtake risk or partially hedging it? Are there scenarios where you would be obligated to offtake but unable to move the product?A: Eduardo Menezes (CEO): You should see this as a way to eliminate the volume risk. We still retain the price risk. The deal with Yara, who owns their own distribution network and ships, eliminates the risk of having to shut down the plant due to a take-or-pay event. The price risk sits mostly with us, but Yara is incentivized through a commission scheme to commercialize the product as green as possible. Q: Given the reduced spending on the Louisiana project, is there an opportunity to pull forward the share buyback program or pursue M&A?A: Melissa Schaeffer (CFO): We are very disciplined on capital deployment, focusing on risk-adjusted returns for new projects. Share buybacks are in our capital allocation waterfall. As we continue to improve our cash position and take advantage of opportunistic M&A and new projects, we would look to deploy additional capital into a share buyback program. We have line of sight to start that program towards the end of '27 or early '28. Q: Can you provide an update on the sale process for the gasification assets held for sale in Asia, including timing and magnitude of proceeds?A: Melissa Schaeffer (CFO): We continue to collect against those assets. The contribution from the accounting (stopped depreciation) and past due collections is about 1% to 1.5% for the total company. We are working with international and local banks to market the assets and are having ongoing conversations with good strategic purchasers. We will provide an update on timing when available. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Q3 FY26 Summary of Results GAAP results, including loss per share# of $6.47 and operating loss of $2.1 billion, driven by charges for business and asset actions announced June 30, 2026 Adjusted earnings per share ("EPS")* of $3.47, exceeding top-end of guidance, and adjusted operating income* of $810 million Guidance Raising fiscal 2026 full-year adjusted EPS guidance* to $13.39 to $13.49; fiscal 2026 fourth quarter adjusted EPS guidance* of $3.55 to $3.65 Now expect fiscal year 2026 capital expenditures* of approximately $3.5 billion News and Highlights Electronics growth: Announced long-term agreement for Air Products San Fu to build, own and operate four large state-of-the-art air separation units, bulk gas supply systems and new underground pipeline systems supporting a semiconductor manufacturer's expansion in Taiwan Optimizing project portfolio: Announced decision to not proceed with Louisiana Clean Energy Complex and discontinue zero-carbon liquid hydrogen facility in Arizona (Casa Grande) and other smaller-scale clean energy distribution projects Signed NEOM Green Hydrogen Project agreement: Finalized marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia Fiscal 2026 Third Quarter Consolidated Results (comparison versus prior year) LEHIGH VALLEY, Pa., July 30, 2026 /PRNewswire/ -- Air Products (NYSE:APD) today reported third quarter fiscal 2026 GAAP results, including operating loss of $2.1 billion and loss per share# of $6.47, each down over 300 percent, and GAAP operating margin of negative 66.3 percent, compared to 26.2 percent in the prior year. Fiscal 2026 results include charges of approximately $2.9 billion pre-tax ($2.2 billion after-tax, or $9.92 per share) associated with project exit decisions announced on June 30, 2026. The non-GAAP financial measures discussed below exclude these charges, as well as other items, as described in the "Reconciliations of Non-GAAP Financial Measures" section of this release. On a non-GAAP basis, third quarter adjusted operating income* of $810 million increased nine percent on higher on-site volumes, favorable currency, and higher pricing, partially offset by higher costs. Adjusted operating margin* of 25.6 percent improved 110 basis points. Adjusted EPS* of $3.47 increased 12 percent and also benefited from higher equity affiliates' income. Third quarter sales of $3.2 billion increased five percent on three percent higher volumes, one percent higher pricing, and one percent favorable currency. Chief Executive Officer Eduardo Menezes said, "Despite macroeconomic volatility, Air Products delivered 12 percent growth in adjusted EPS and high single-digit adjusted operating income improvement this quarter through continued discipline in our underlying business. Having taken additional decisions to further optimize our large project portfolio, we have a clear pathway to reduce capital expenditures and drive continued profitable growth through high-quality, traditional industrial gas projects. We are also pleased to have finalized our marketing and distribution agreement with Yara, creating the first fully integrated value chain for renewable ammonia by enabling product from the world's first large-scale green ammonia plant to be sold and delivered through Yara's existing global supply chain." Fiscal 2026 Third Quarter Results by Business Segment Americas sales of $1.3 billion increased five percent from the prior year as seven percent higher volumes were partially offset by two percent lower energy cost pass-through. Operating income of $395 million increased six percent, driven by volume growth from HyCO facilities and a new on-site asset, and favorable pricing. These benefits were partially offset by higher costs, primarily reflecting fixed-cost inflation, increased product distribution and dislocation costs, and project development costs, net of lower depreciation expense. Operating margin of 29.9 percent increased 20 basis points, including an approximate 50-basis-point favorable impact from energy cost pass-through. Asia sales of $886 million increased nine percent from the prior year on six percent higher volumes, two percent favorable currency, and one percent higher energy cost pass-through. Volume growth was driven by higher on-site volumes, including new assets, as well as improved helium volumes. Operating income of $256 million increased 18 percent and operating margin of 28.9 percent improved 210 basis points, primarily due to higher volumes and lower depreciation due to certain gasification assets being classified as held for sale, partially offset by higher costs driven by incentive compensation. Europe sales of $816 million increased six percent from the prior year on three percent higher energy cost pass-through, three percent favorable currency, and two percent higher pricing, partially offset by two percent lower volumes. Operating income of $231 million increased two percent, driven by higher pricing, net of higher power costs, favorable currency, and favorable business mix attributable to higher-margin on-site volumes. These benefits were partially offset by higher costs, including fixed-cost inflation. Operating margin of 28.3 percent decreased 90 basis points, which included an approximate 50-basis-point headwind from energy cost pass-through. Middle East and India equity affiliates' income of $101 million increased 18 percent from the prior year, primarily from affiliates in Saudi Arabia. Corporate and other sales of $103 million decreased 28 percent from the prior year. Operating loss of $80 million improved three percent on productivity and favorable foreign exchange impacts, partially offset by lower sale of equipment activity. OutlookAir Products is raising its full-year fiscal 2026 adjusted EPS guidance* to a range of $13.39 to $13.49. For the fiscal 2026 fourth quarter, Air Products' adjusted EPS guidance* is $3.55 to $3.65. Air Products remains cautious given macroeconomic uncertainty but expects to see benefits from new asset contributions, pricing actions, and progress on productivity initiatives. Air Products now expects capital expenditures* to be approximately $3.5 billion for full-year fiscal 2026. Earnings TeleconferenceAccess the fiscal 2026 third quarter earnings teleconference scheduled for 8:00 a.m. Eastern Time on July 30, 2026 by calling 646-769-9200 and entering passcode 7872000 or by accessing the Event Details page on Air Products' Investor Relations website. About Air ProductsAir Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world's largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally. Air Products had fiscal 2025 sales of $12.0 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram. Cautionary Note Regarding Forward-Looking Statements This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook, investment opportunities and potential transactions that are subject to ongoing negotiations and their expected impact and timing. Forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change; changes in the financial markets may affect the availability and terms on which we may obtain financing; the ability to execute agreements with customers and implement price increases to offset cost increases; disruptions to our supply chain and related distribution delays and cost increases; risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets; project delays, scope changes, cost escalations, contract terminations, customer cancellations, or postponement of projects and sales; our ability to safely develop, operate, and manage costs of large-scale and technically complex projects; the future financial and operating performance of major customers, joint ventures, and equity affiliates; our ability to safely and effectively develop, implement, and operate new technologies and to market products produced utilizing new technologies; our ability to execute the projects in our backlog and refresh our pipeline of new projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we, our affiliates and joint ventures, and our customers and other counterparties operate; the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change; changes in tax rates and other changes in tax law; safety incidents relating to our operations; the timing, impact, and other uncertainties relating to acquisitions, divestitures, joint venture activities, and other commercial transactions, as well as our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers; catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including Russia's invasion of Ukraine, the conflict with Iran and other new and ongoing conflicts in the Middle East, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the commencement and success of any productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based. Reconciliation of Total Segment Operating Income to Consolidated Results The table below reconciles total segment operating income to income (loss) before taxes as reflected on our consolidated income statements: RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES(Millions of U.S. Dollars unless otherwise indicated, except for per share data) We present certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP") because they exclude items that management does not consider to be representative of our underlying business operations. We provide these adjusted non-GAAP financial measures to allow investors, potential investors, securities analysts, and others to evaluate our business in the same manner as management. When viewed together with our GAAP results, we believe these non-GAAP financial measures offer a more complete understanding of the factors and trends affecting our financial performance and support analysis of our results on a more consistent basis. Readers are cautioned that non‑GAAP financial measures have inherent limitations and should not be considered in isolation or as a substitute for the corresponding GAAP measures. Our definitions and calculations of non‑GAAP financial measures may differ from those used by other companies, which may limit comparability. Non-GAAP Performance MeasuresManagement uses non-GAAP performance measures, including adjusted operating income, adjusted operating margin, and adjusted earnings per share ("EPS"), to assess our performance because these measures exclude items that management does not consider to be representative of our underlying business operations. In addition, adjusted operating income and adjusted EPS are important components of our incentive compensation plans. We also use adjusted operating margin to assess operational efficiency, cost discipline, and overall profitability. Our non‑GAAP performance measures are adjusted to exclude gains or losses that management believes are not associated with the ongoing operations of our business. These adjustments, which are described below for the periods presented, are not reflected in the results of our reportable segments. Although these items are often difficult to predict, readers should be aware that similar gains or losses may occur in future periods. The related tax effects reflect the expected current and deferred income tax impacts of our non-GAAP adjustments, which are primarily driven by the statutory tax rates of the applicable jurisdictions and the taxability of the underlying adjustments in those jurisdictions. We reconcile each non‑GAAP performance measure to its most directly comparable GAAP measure in the table below, followed by descriptions of each non-GAAP adjustment. Margins are calculated by dividing the applicable line item by consolidated sales for the relevant period. In addition to our non-GAAP performance measures, we also present components used in calculating adjusted EPS to illustrate the per share effect of our non‑GAAP adjustments. All per share amounts are calculated on a diluted basis from continuing operations attributable to Air Products. Because margins and per share amounts are calculated independently, the individual components may not sum to the related totals due to rounding. Non-GAAP Adjustments Business and Asset ActionsDuring the quarter ended 30 June 2026, the Company recognized project exit charges of approximately $2.9 billion pre-tax ($2.2 billion after-tax, or $9.92 per share) associated with actions announced on 30 June 2026, including the exit of a clean energy complex under construction in Louisiana and a green hydrogen production facility under construction in Casa Grande, Arizona, as well as certain other smaller-scale clean energy distribution projects. In the prior-year quarter, the Company recognized $24.1 of project exit charges pre-tax ($15.4 after-tax, or $0.07 per share), primarily reflecting revisions to cost estimates associated with project exit actions approved in the second quarter of fiscal year 2025. Shareholder Activism-Related CostsWe recorded shareholder activism-related costs in fiscal year 2025 in connection with a proxy contest that concluded in January 2025 following certification of the election of directors at the 2025 Annual Meeting of Shareholders. Costs recorded during the third quarter of fiscal year 2025 were $25.0 pre-tax ($18.8 after-tax, or $0.08 per share), primarily related to the reimbursement of proxy-related expenses incurred by Mantle Ridge LP and its affiliated entities. Gain on Sale of BusinessIn April 2025, we completed the sale of our 100% ownership interest in a consolidated subsidiary in Singapore for cash proceeds of $104.3. We recognized a gain of $67.3 pre-tax ($51.9 after-tax, or $0.23 per share) as a result of the transaction during the third quarter of fiscal year 2025. Gain on Sale of Other AssetsIn June 2025, we sold a regional office in Hersham, England, for cash proceeds of $37.7. We recognized a gain on sale of $31.3 pre-tax ($23.8 after-tax, or $0.11 per share) during the third quarter of fiscal year 2025 that is presented within "Other income (expense), net" on our consolidated income statements. Loss on De-designation of Cash Flow HedgesIn fiscal year 2024, we discontinued cash flow hedge accounting for certain interest rate swaps due to changes in the anticipated drawdown timeline for hedged borrowings related to the NEOM Green Hydrogen Project. These swaps are held by NEOM Green Hydrogen Company, a consolidated joint venture accounted for under the variable interest model, in which Air Products holds a one-third ownership interest. As a result of the de-designation, unrealized gains and losses related to the affected swaps were recorded in "Other non-operating income (expense), net" on our consolidated income statements. During the third quarter of fiscal year 2025, we recorded an unrealized loss of $0.3 pre-tax ($0.1 attributable to Air Products after tax), with $0.1 attributable to our noncontrolling partners. We re-designated the affected swaps as cash flow hedges when the outstanding borrowings under the available project financing became commensurate with the swaps' notional values. As of 1 January 2026, all swaps were re-designated as cash flow hedges. Loss From Discontinued OperationsOur non-GAAP financial measures are presented on a continuing operations basis, which excludes a pre-tax loss from discontinued operations of $10.6 ($8.0 after tax, or $0.04 per share) recorded during the third quarter of fiscal year 2025 primarily to increase retained environmental remediation obligations associated with businesses sold in 2008. Non-Service Related Pension ItemsNon-service related pension items resulted in net non-operating costs of $3.2 ($2.4 after tax, or $0.01 per share) in the third quarter of fiscal year 2026 compared to $10.9 ($8.1 after tax, or $0.04 per share) in the third quarter of fiscal year 2025. Non-service related components are recurring, non-operating items that include interest cost, expected returns on plan assets, prior service cost amortization, actuarial loss amortization, as well as special termination benefits, curtailments, and settlements. The net impact of non-service related components is reflected within "Other non-operating income (expense), net" on our consolidated income statements. Adjusting for the impact of non-service pension components provides management and users of our financial statements with a more accurate representation of our underlying business performance because these components are driven by factors that are unrelated to our operations, such as volatility in equity and debt markets. Further, non-service related components are not indicative of our defined benefit plans' future contribution needs due to the funded status of the plans. Capital Expenditures (Non-GAAP) Capital expenditures is a non-GAAP financial measure that management uses to evaluate our deployment of capital and assess alignment with our strategic priorities. Our calculation of this measure begins as the sum of cash paid for additions to plant and equipment, including long-term deposits, acquisitions (less cash acquired), investment in and advances to unconsolidated affiliates, and investment in financing receivables, each of which are reported on our consolidated statements of cash flows. We then adjust this amount to exclude spending for additions to plant and equipment by our consolidated joint venture, NEOM Green Hydrogen Company ("NGHC"), to the extent such spending is funded by sources other than Air Products' cash. These other funding sources include NGHC's project financing, which is non‑recourse to Air Products, as well as equity contributions from the other joint venture partners. Management believes this adjustment provides a more useful view of the capital we deploy to support the ongoing growth of our business. The most directly comparable GAAP measure to our non‑GAAP capital expenditures is "Cash used for investing activities," as reported on our consolidated statements of cash flows. The reconciliation of cash used for investing activities to our reported capital expenditures is provided below: The table below outlines the cash flow components included in our definition of capital expenditures: Outlook for Investing ActivitiesIt is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because management is unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. These decisions, either individually or in the aggregate, could have a significant effect on our cash used for investing activities. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted capital expenditures to future cash used for investing activities. We expect capital expenditures of approximately $3.5 billion for fiscal year 2026. Adjusted EPS Outlook (Non-GAAP) The adjusted EPS guidance below is provided on a diluted basis from continuing operations attributable to Air Products and is compared to historical adjusted EPS. These adjusted measures exclude the impact of certain items that we believe are not representative of our underlying business performance, such as the non-service components of net periodic benefit/cost for our defined benefit pension plans, the incurrence of costs for business, asset, and cost reduction actions and impairment charges, or the recognition of gains or losses on certain disclosed items. The per share impact for each non-GAAP adjustment is calculated independently and may not sum to total adjusted EPS due to rounding. It is not possible, without unreasonable efforts, to predict the timing or occurrence of these or similar future events or the potential for other events or transactions that may impact future GAAP EPS. Furthermore, it is not possible to identify the potential significance of these events in advance; however, any of these events, if they were to occur, could have a significant effect on our future GAAP EPS. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted range of adjusted EPS to a comparable GAAP range. View original content to download multimedia:https://www.prnewswire.com/news-releases/air-products-reports-fiscal-2026-third-quarter-results-302838883.html

Air Products and Chemicals (APD) came out with quarterly earnings of $3.47 per share, beating the Zacks Consensus Estimate of $3.36 per share. This compares to earnings of $3.09 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.27%. A quarter ago, it was expected that this seller of gases for industrial, medical and other uses would post earnings of $3.05 per share when it actually produced earnings of $3.2, delivering a surprise of +4.92%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Air Products and Chemicals, which belongs to the Zacks Chemical - Diversified industry, posted revenues of $3.16 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.49%. This compares to year-ago revenues of $3.02 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Air Products and Chemicals shares have added about 19.1% since the beginning of the year versus the S&P 500's gain of 6.9%. While Air Products and Chemicals has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Air Products and Chemicals was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.50 on $3.28 billion in revenues for the coming quarter and $13.22 on $12.73 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Diversified is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Kronos Worldwide (KRO), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This maker of titanium dioxide pigments is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents a year-over-year change of +50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Kronos Worldwide's revenues are expected to be $520.34 million, up 5.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Air Products and Chemicals, Inc. (APD) : Free Stock Analysis Report Kronos Worldwide Inc (KRO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Air Products and Chemicals, Inc. APD reported third-quarter fiscal 2026 (ended June 30, 2026) adjusted earnings of $3.47 per share, up 12.3% from $3.09 a year ago. The figure beat the Zacks Consensus Estimate of $3.36 by 3.3%. Sales rose 4.6% year over year to $3.16 billion but missed the consensus mark of $3.18 billion by 0.5%. Higher on-site volumes, favorable currency and pricing supported results. Adjusted operating margin expanded 110 basis points to 25.6%. Air Products and Chemicals, Inc. price-consensus-eps-surprise-chart | Air Products and Chemicals, Inc. Quote Americas sales increased 5% year over year to $1.32 billion. The gain reflected 7% higher volumes, driven by HyCO facilities and a new on-site asset, partially offset by a 2% decline in energy cost pass-through. Favorable pricing also supported the region. Asia sales rose 9% to $886 million on 6% higher volumes, 2% favorable currency and 1% higher energy cost pass-through. Growth came from stronger on-site volumes, new assets and improved helium volumes. The region's operating income climbed 18%, while operating margin expanded 210 basis points to 28.9%. Europe sales advanced 6% to $815.7 million as a 3% higher energy cost pass-through, 3% favorable currency and 2% higher pricing outweighed a 2% volume decline. Higher pricing, favorable currency and a richer on-site business mix supported earnings, but fixed-cost inflation contributed to a 90-basis-point margin contraction. Air Products ended the quarter with cash and cash equivalents of $980.5 million. Long-term debt was $16.59 billion as of June 30, 2026. Capital expenditures totaled $2.65 billion for the first nine months of fiscal 2026, down from $4 billion in the year-ago period. APD raised its fiscal 2026 adjusted earnings guidance to $13.39-$13.49 per share from the prior range of $13.00-$13.25. For the fourth quarter of fiscal 2026, Air Products expects adjusted earnings of $3.55-$3.65 per share The company now anticipates fiscal 2026 capital expenditures of approximately $3.5 billion, below its earlier projection of about $4 billion. Management expects new asset contributions, pricing actions and productivity initiatives to support performance, while remaining cautious because of macroeconomic uncertainty. Shares of APD have gained 2.3% in the past year compared with the industry’s 1.7% rise. Image Source: Zacks Investment Research APD currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the basic materials space are The Chemours Company CC, Kronos Worldwide, Inc. KRO and Avient Corporation AVNT. Chemours is slated to report second-quarter 2026 results on Aug. 4. The Zacks Consensus Estimate for earnings is pegged at 43 cents per share. CC sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Kronos is scheduled to report second-quarter 2026 results on Aug. 5. The Zacks Consensus Estimate for KRO’s second-quarter loss per share is pegged at 33 cents, indicating 65.63% year-over-year growth. KRO also flaunts a Zacks Rank #1 at present. Avient is slated to report second-quarter 2026 results on Aug. 6. The consensus estimate for AVNT’s earnings per share is pegged at $3.08. AVNT presently carries a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Air Products and Chemicals, Inc. (APD) : Free Stock Analysis Report Kronos Worldwide Inc (KRO) : Free Stock Analysis Report The Chemours Company (CC) : Free Stock Analysis Report Avient Corporation (AVNT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, Air Products and Chemicals (APD) reported revenue of $3.16 billion, up 4.6% over the same period last year. EPS came in at $3.47, compared to $3.09 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $3.18 billion, representing a surprise of -0.49%. The company delivered an EPS surprise of +3.27%, with the consensus EPS estimate being $3.36. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Air Products and Chemicals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenue- Americas: $1.32 billion versus $1.3 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +4.8% change. Revenue- Asia: $886 million compared to the $871.35 million average estimate based on three analysts. The reported number represents a change of +9.4% year over year. Revenue- Europe: $815.7 million versus $827.28 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +5.9% change. Revenue- Middle East and India: $34.8 million versus the three-analyst average estimate of $36.2 million. The reported number represents a year-over-year change of -9.1%. Revenue- Corporate and other: $103.1 million versus the two-analyst average estimate of $146.48 million. The reported number represents a year-over-year change of -27.9%. View all Key Company Metrics for Air Products and Chemicals here>>> Shares of Air Products and Chemicals have returned -4% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Air Products and Chemicals, Inc. (APD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research