Air Products & Chemicals Inc

APD: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$291.00	Ytr	Ythglypldh

Air Products Earnings: Full-Year Outlook Maintained After Solid Quarter

Krzysztof Smalec

Apr 30, 2024

Wide-moat-rated Air Products posted solid fiscal second-quarter results, as its adjusted EPS of $2.85 came in above management’s guidance range of $2.60 to $2.75 thanks to strong results in the Americas and Europe. We’ve trimmed our fair value estimate to $303 from $307, which reflects our slightly more conservative near-term revenue growth projections, but we continue to see the name as modestly undervalued.

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