The earnings call presented a mixed picture. While the company exceeded earnings guidance and achieved productivity improvements, challenges remain with sales volume declines and helium demand. The company is cautiously optimistic about future growth and cost savings.

Company Guidance

During Air Products' third-quarter earnings call for fiscal year 2025, the company reported adjusted earnings per share (EPS) of $3.09, surpassing its guidance range of $2.90 to $3.00. This performance was achieved despite a 4% decline in sales volume, attributed mainly to the sale of the LNG business and lower helium demand. The company maintained its forecast for fiscal 2025 with an adjusted EPS range of $11.90 to $12.10 and capital expenditures of approximately $5 billion. The management highlighted ongoing cost-saving initiatives, expecting annual savings of $185 million to $195 million from a global cost reduction plan. Air Products aims for high single-digit adjusted EPS growth starting in fiscal year 2026, with an operating margin target of 30% and a return on capital employed (ROCE) in the mid- to high-teens by 2030.

Exceeded Earnings Guidance

Adjusted earnings per share of $3.09 exceeded the upper end of the guidance range of $2.90 to $3.00.

Cost Reduction and Productivity Improvements

The global cost reduction plan is on track, expected to generate annual savings of $185 million to $195 million. Additional productivity improvements are anticipated through digital transformation and AI tools.

Strong On-Site Volume Growth

Benefitted from strong on-site volumes, despite a 4% decrease in sales volume due to the LNG business sale and lower helium demand.

Operating Margin Recovery

Adjusted operating margin improved by about 300 basis points sequentially due to favorable volume and productivity improvements.

Air Products and Chemicals (APD) Earnings, Revenues Date & History

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APD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q4)	3.39 / -	3.56	―	―	―
Jul 31, 2025	2025 (Q3)	2.99 / 3.09	3.2	-3.44% (-0.11)
May 01, 2025	2025 (Q2)	2.83 / 2.69	2.85	-5.61% (-0.16)
Feb 06, 2025	2025 (Q1)	2.86 / 2.86	2.82	1.42% (+0.04)
Nov 07, 2024	2024 (Q4)	3.48 / 3.56	3.15	13.02% (+0.41)
Aug 01, 2024	2024 (Q3)	3.03 / 3.20	2.98	7.38% (+0.22)
Apr 30, 2024	2024 (Q2)	2.70 / 2.85	2.74	4.01% (+0.11)
Feb 05, 2024	2024 (Q1)	2.98 / 2.82	2.64	6.82% (+0.18)
Nov 07, 2023	2023 (Q4)	3.11 / 3.15	2.89	9.00% (+0.26)
Aug 03, 2023	2023 (Q3)	2.92 / 2.98	2.62	13.74% (+0.36)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

APD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$290.13	$287.88	-0.78%
May 01, 2025	$269.37	$270.43	+0.39%
Feb 06, 2025	$329.03	$324.07	-1.51%
Nov 07, 2024	$301.08	$307.06	+1.99%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.