Air Products reported strong fiscal Q3 2026 adjusted earnings per share (EPS) that beat estimates and raised its full-year adjusted EPS guidance. This positive outlook and earnings beat, despite a revenue miss and significant one-time project-exit charges, drove the stock higher.
Air Products (APD) shares surged after the company reported fiscal Q3 2026 adjusted EPS of $3.47, exceeding the $3.34 estimate, and raised its full-year adjusted EPS guidance to $13.39-$13.49 from $13.00-$13.25. This positive earnings beat and increased outlook overshadowed a revenue miss and substantial one-time project-exit charges totaling $2.91 billion pre-tax, which led to a GAAP loss. The market is clearly focusing on the strong underlying operational performance and future profitability, as evidenced by the 12% rise in adjusted EPS and 110 basis points expansion in adjusted operating margin. This indicates a short-term positive sentiment for APD, with long-term implications tied to the successful execution of its traditional industrial-gas backlog and future clean energy projects, despite the recent write-offs.