Air Products & Chemicals
warned that second-quarter earnings will miss analysts' estimates due in part to higher energy and raw materials costs.
The company now expects to earn 51 cents to 54 cents a share, compared with 54 cents a share in the year-ago period. Analysts expect the company to earn 56 cents a share.
The company said it revised expected earnings due to lower-than-expected volumes in its North American merchant gases and performance emulsions businesses. Higher energy and raw material costs also impacted the company's merchant gases, performance polymers and methylamines businesses.
The higher energy and raw material costs accounted for about a 3-cent reduction from the company's original outlook for the quarter, Air Products said in a press release. Natural gas averaged about $2 per million BTUs more than the roughly $4 per million BTUs cost incurred in the company's prior quarter.
Lehigh Valley, Pa.-based Air Products is a supplier of gas to manufacturers and the health care industry. The company will release quarterly results on April 24 before the market opens.
Shares of the company closed at $42.67 Friday on the
New York Stock Exchange