Air Products and Chemicals Inc. said its normalized net income for the fiscal third quarter ended June 30 amounted to $1.36 per share, compared with the S&P Capital IQ consensus estimate of $1.58 per share.
EPS increased 14.3% year over year from $1.19.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $295.9 million, an increase of 15.4% from $256.5 million in the prior-year period.
The normalized profit margin increased to 12.0% from 9.7% in the year-earlier period.
Total revenue fell 6.2% on an annual basis to $2.47 billion from $2.63 billion, and total operating expenses declined 10.5% year over year to $1.98 billion from $2.22 billion.
Reported net income increased from the prior-year period to $319.6 million, or $1.47 per share, from $314.5 million, or $1.46 per share.