Air Products' Q3 FY2024 sales declined.

In the third quarter of fiscal year 2024 (ended June 30), Air Products reported sales of $3.0 billion, a 2% decline year-on-year. Under U.S. GAAP, net income was $709 million, up 16% year-on-year, primarily driven by favorable pricing and business mix. GAAP net profit margin stood at 23.7%, an increase of 360 basis points year-on-year. On a non-GAAP basis, adjusted earnings per share (EPS) for the quarter were $3.20, up 7% year-on-year. Adjusted EBITDA totaled $1.3 billion, with an adjusted EBITDA margin of 42.4%, up 260 basis points year-on-year. Sales declined across all global regions in the third quarter. Sales in the Americas region amounted to $1.2 billion, down 2% year-on-year. Sales in the Asia region totaled $790 million, down 4% year-on-year. In Europe, sales fell 2% to $693 million.

Fosun Wealth Morning Brief | Investment banking revenue surged over 50%; Morgan Stanley’s stock hit a new high.

3. Chinese American Depositary Receipts (ADRs) rebounded collectively; the Nasdaq Golden Dragon China Index rose 0.74%. Alibaba gained 0.47%, Baidu rose 0.62%, Pinduoduo fell 1.56%, JD.com rose 2.06%, NetEase declined 0.82%, NIO jumped 5.83%, Li Auto rose 1.46%, and XPeng surged 6.55%. Macroeconomics 1. Following Goldman Sachs’ statement that conditions are ripe for the Federal Reserve to ease monetary policy, traders have increased bets on three rate cuts this year. Markets currently price in two cuts, while the implied probability of three cuts stands at approximately 60%. A first cut is widely expected in September, though Goldman Sachs argues there is a solid rationale for a potential cut as early as July. Weaker-than-expected U.S. June employment and inflation data have further heightened expectations of rate cuts. Companies & Industries 1. On Tuesday before U.S. market open, Morgan Stanley reported its second-quarter results: revenue totaled $15.019 billion—exceeding the consensus estimate of $14.3 billion; quarterly profit reached $3.076 billion, or $1.82 per share—surpassing both the consensus estimate of $1.65 and last year’s $1.24. A highlight of the report was investment banking revenue, which surged 51% year-on-year to $1.619 billion, driven primarily by debt issuance among non-investment-grade companies. 2. Air Products and Chemicals Inc. closed up 2.96% on Tuesday. The company announced it had signed a definitive agreement with Saudi Aramco to sell a 50% stake in its blue hydrogen industrial gases business. Two months earlier, Saudi Arabia had approved a $8.4-billion green hydrogen plant project to be built by NEOM Green Hydrogen Company—a joint venture among Air Products and Chemicals, ACWA Power, and NEOM. 3. Bloom Energy announced a partnership with CoreWeave—a data center company closely affiliated with NVIDIA—to deploy Bloom’s fuel cell on-site power generation at a high-performance data center in Illinois. Bloom stated that its fuel cells are scheduled to go into operation in Q3 2025, underscoring its capability to meet the surging energy demands of the AI industry. 4. Following the release of better-than-expected financial results and upbeat guidance for the next fiscal year, semiconductor test equipment company Aehr Test Systems surged over 13% in after-hours trading. For its fourth fiscal quarter ended May 31, adjusted EPS was $0.84—far exceeding analysts’ consensus estimate of $0.10. Looking ahead to fiscal year 2025, Aehr expects revenue of at least $70 million—well above the market expectation of $67.86 million—and forecasts net income of at least 10% of total revenue. 5. According to LatePost, Tesla will not launch any new vehicle models for sale this year, though it may introduce new battery technology. Tesla plans to begin mass production and vehicle integration of its fully dry-electrode 4680 battery by year-end—representing the ‘complete’ version of the 4680 battery.

Air Products & Chemicals Stock Exceeds $300 Following Earnings Beat and Strong Guidance

Aug 19, 2026

Air Products & Chemicals stock exceeded $300 after beating earnings expectations with strong fiscal 2026 guidance. Analysts highlight confidence in its industrial gases and clean energy portfolio.

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