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Air Products & Chemicals profit misses consensus by 21.7% in fiscal Q1

Air Products and Chemicals Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2016, amounted to $1.16 per share, compared with the S&P Capital IQ consensus estimate of $1.48 per share.

EPS climbed year over year from $1.11.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $253.9 million, a gain of 5.4% from $240.9 million in the year-earlier period.

The normalized profit margin rose to 13.5% from 12.9% in the year-earlier period.

Total revenue came to $1.88 billion, compared with $1.87 billion in the year-earlier period, and total operating expenses came to $1.48 billion, compared with $1.48 billion in the year-earlier period.

Reported net income declined 10.0% year over year to $252.7 million, or $1.15 per share, from $280.7 million, or $1.29 per share.