Air Products posts $2.1B Q3 loss but beats adjusted EPS estimates, raises 2026 outlook

Air Products reported a GAAP operating loss of $2.1 billion in Q3 FY26, mainly due to $2.9 billion in project exit charges. However, adjusted earnings per share rose 12% to $3.47, exceeding guidance, driven by higher volumes and pricing. The company raised its full-year 2026 adjusted EPS forecast to $13.39-$13.49 and expects capital expenditures around $3.5 billion. Strategic moves include exiting some clean energy projects and securing a renewable ammonia deal in Saudi Arabia, signaling a focus on profitable growth amid macroeconomic uncertainty.