Air Products reported third quarter fiscal 2026 revenue of $3.16 billion, up 5% year-over-year, and adjusted EPS of $3.47, a 12% increase from the prior year. The GAAP results were significantly impacted by a pre-tax charge of approximately $2.9 billion related to the company's decision to exit several clean energy projects.
Key Highlights
- Adjusted EPS of $3.47 grew 12% year-over-year, driven by higher volumes and pricing, leading the company to raise its full-year fiscal 2026 adjusted EPS guidance to a range of $13.39 to $13.49.
- Sales increased 5% to $3.16 billion, reflecting 3% higher volumes, 1% higher pricing, and a 1% benefit from favorable currency exchange rates.
- The company confirmed pre-tax charges of $2.9 billion for the quarter, associated with its previously announced decision to discontinue the Louisiana Clean Energy Complex and other smaller clean energy projects.
- Full-year fiscal 2026 capital expenditure guidance was updated to approximately $3.5 billion as the company pivots its project portfolio toward traditional industrial gas projects.