RTTNews | Aug 9, 2021 11:50AM EDT

11:50 Monday, August 9, 2021 (RTTNews.com) - Pennsylvania-based atmospheric gases and chemical business, Air Products and Chemicals, Inc. (APD) is down 6% in the market after the company failed to meet the estimates in the third quarter. The outlook also fell short of the projection.

Net income for the company was $532.00 million or $2.36 per share, down from $446.5 million or $2.01 per share in the previous year. On an adjusted basis the net income was $513.2 million or $2.31 per share. Sixteen analysts polled by Thomson Reuters estimated the earnings to be $2.36 per share.

The revenue increased to $2.60 billion from $2.06 billion last year. The analysts projected the revenue to be $2.49 billion for the quarter.

For the fourth quarter, the company expects the earnings to be in the range of $2.44 and $2.54, while for the full year it is expected to be $8.95 and $9.05 per share. The analysts estimated a $2.51 earnings for the fourth quarter and $9.07 for the full year.

The shares are currently trading at $272.90, down $17.92 or 6.16% from their previous close at $290.82. the shares opened at $290.32 and in the 52-week period, the shares have ranged between $245.75 and $327.89.

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