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Air Products & Chemicals profit misses consensus by 18.0% in fiscal Q2

Air Products and Chemicals Inc. said its normalized net income for the fiscal second quarter ended March 31 amounted to $1.27 per share, compared with the S&P Capital IQ consensus estimate of $1.55 per share.

EPS increased 17.6% year over year from $1.08.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $275.6 million, an increase of 18.9% from $231.8 million in the prior-year period.

The normalized profit margin rose to 11.5% from 9.0% in the year-earlier period.

Total revenue decreased 6.5% on an annual basis to $2.41 billion from $2.58 billion, and total operating expenses fell 10.6% from the prior-year period to $1.96 billion from $2.20 billion.

Reported net income rose on an annual basis to $289.1 million, or $1.33 per share, from $283.7 million, or $1.32 per share.