By Dean Seal


Shares of Air Products & Chemicals fell after the company cut its earnings guidance and reported an unexpected decline in fiscal first-quarter sales.

The stock was down 10% at $232.10 in premarket trading. Shares were already down 5.7% year-to-date when the market closed last week.

The provider of essential industrial gases and chemicals lowered its fiscal 2024 adjusted earnings outlook by 60 cents to a range of $12.20 to $12.50 a share, below current analyst estimates for $12.97 a share, according to FactSet. Adjusted earnings in the current quarter are also now expected to miss analyst forecasts.

The cuts came after the company said sales slid 5% to $3 billion in the fiscal first quarter rather than grow to $3.2 billion, as analysts had been projecting.


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

02-05-24 0858ET