Air Products Up 20% in 6 Months: What’s Driving the Stock?
Air Products and Chemicals, Inc.‘s (NYSE: APD) shares have popped 19.9% over the past six months. The company has also outperformed its industry’s rise of 4.1% over the same time frame. APD has also topped the S&P 500’s roughly 11.2% rise over the same period.
Let’s take a look into the factors that are driving this Zacks Rank #3 (Hold) stock.
Image Source: Zacks Investment Research
What’s Going in APD’s Favor?
Forecast-topping earnings performance in the fiscal third quarter and upbeat prospects have contributed to the rally in the company’s shares. Air Products’ earnings from continuing operations for the third quarter rose to $3.13 per share from $2.67 in the year-ago quarter.
Adjusted earnings per share of $3.20 topped the Zacks Consensus Estimate of $3.04. APD continues to expect fiscal 2024 adjusted earnings per share of $12.20-$12.50, suggesting a 6-9% increase from the previous year.
Air Products is gaining from its investments in high-return industrial gas projects and productivity …
Full story available on Benzinga.com