New York, Jan 30, 2026, 15:05 EST — Regular session
- Shares climbed 6.2% to $271.89 in afternoon trading following fiscal Q1 results
- Company maintains FY2026 adjusted EPS forecast at $12.85-$13.15; expects capex around $4.0 billion
- Helium continues to weigh on performance as investors watch for momentum to carry into the March quarter
Air Products and Chemicals (APD.N) shares jumped 6.2% to $271.89 on Friday, recovering from an early drop as investors stepped in following the company’s quarterly update. The stock fluctuated between $252.64 and $272.77 during the session.
This shift is significant as investors demand industrial gas companies show how price hikes and efficiency gains can counteract manufacturing slowdowns. Air Products, with its sizable portfolio of long-term projects, can quickly turn margin improvements into strong cash flow.
Friday’s report gave the market what it was after: steady guidance and a sharper picture on spending. It also brought helium back into focus — modest in volume but loud in profit.
The company reported fiscal first-quarter sales of $3.1 billion, up 6%, in a filing with the U.S. Securities and Exchange Commission. Adjusted earnings per share, excluding certain one-time items, hit $3.16, surpassing the top end of its guidance. It maintained its fiscal 2026 adjusted EPS forecast at $12.85 to $13.15 and projected second-quarter EPS between $2.95 and $3.10. Capital spending is expected to stay near $4.0 billion. CEO Eduardo Menezes highlighted “strong results from the base business” despite “helium headwinds.” SEC
Analysts expected adjusted EPS around $3.04 and revenue near $3.05 billion, according to Investing.com.
Sales growth was driven by increased energy cost pass-through — the share of power and fuel expenses charged back to customers — and currency effects. Volumes remained flat, with gains in “on-site” supply (plants built at customer locations) balancing out weaker helium demand and a one-time helium sale from the previous year that didn’t repeat.
During the earnings call, CFO Melissa Schaeffer noted helium continues to weigh on both volume and pricing, especially in Asia. The CEO confirmed capital expenditures are expected to drop, highlighting a significant ramp-up in clean-energy projects in Canada and the Netherlands before spending tapers off.
Beyond the quarter, the company highlighted contract wins to investors. It landed over $140 million in supply deals with NASA to provide liquid hydrogen for launch operations, including sites at Kennedy Space Center and Cape Canaveral Space Force Station. Francesco Maione said the company was “proud to partner again with NASA.” PR Newswire
Linde remained mostly flat, but Air Products outpaced its peers as investors focused on its steady guidance and improved margins.
The road ahead isn’t smooth. A prolonged helium slump, a sudden spike in energy prices that outpaces pass-through clauses, or setbacks and rising expenses on major plants could all weigh on margins and free cash flow.
Traders are now turning their attention to the company’s second-quarter EPS forecast, which sits between $2.95 and $3.10, for the quarter ending March 31. New updates on capex and helium trends could spark the next move.
