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Air Products & Chemicals profit misses consensus by 28.2% in fiscal Q3

Air Products and Chemicals Inc. said its normalized net income for the fiscal third quarter ended June 30 amounted to $1.14 per share, compared with the S&P Capital IQ consensus estimate of $1.59 per share.

EPS declined year over year from $1.19.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $251.6 million, a decline from $260.4 million in the year-earlier period.

The normalized profit margin dropped to 11.9% from 13.6% in the year-earlier period.

Total revenue grew 10.8% year over year to $2.12 billion from $1.91 billion, and total operating expenses climbed 11.3% from the prior-year period to $1.66 billion from $1.49 billion.

Reported net income decreased 58.9% from the prior-year period to $103.3 million, or 47 cents per share, from $251.3 million, or $1.15 per share.