As of this writing, shares of Air Products & Chemicals were unchanged in premarket trading at $138.83 per share, while Time Warner Cable were also flat at $139.10 per share
Air Products & Chemicals and Time Warner Cable released their latest earnings reports before opening bell this morning. Air Products & Chemicals posted non-GAAP earnings of $1.55 per share, a 16% increase, on $2.56 billion in revenue. Analysts had been expecting the company to report earnings of $1.49 per share on $2.66 billion in revenue.
Time Warner Cable posted adjusted earnings of $2.03 per share on $5.79 billion in revenue, a 3.8% improvement. Analysts had been expecting the company to report earnings of $2.08 per share on $5.81 billion in revenue.
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Key metrics from Air Products & Chemicals’ earnings report
Air Products & Chemicals reported a 10% increase in adjusted EBITDA, which rose to $823 million for the first fiscal quarter of 2015. GAAP net income was $350 million or $1.50 per share. The company said negative currency impacts and the shutdown of its Polyurethane Intermediates Business mostly offset higher volumes and pricing.
The company reported sales of $1.003 billion in its Industrial Gases in the Americas, a 6% increase. Air Products & Chemicals saw sales in its Industrial Gases segment in Asia rise 1% to $399 million, while volumes for the segment improved 6%. Sales in the Materials Technologies division rose 9% to $524 million, while volumes increased 11%. Sales in the Europe, Middle East and Africa Industrial Gases division fell 9% due to negative currency impacts.
Air Products & Chemicals expects earnings for the current quarter to be between $1.50 and $1.55 per share. For the full year, the company expects earnings of between $6.35 and $6.55 per share.
Key metrics from Time Warner Cable’s earnings report
Time Warner Cable posted profits of $1.95 per share, compared to $1.89 per share in the same quarter a year ago. The GAAP result includes $35 million worth of charges in connection with the acquisition deal with Comcast. Management still expects the deal to close “soon” in spite of the regulatory scrutiny the deal has drawn.
The cable TV provider added 54,000 residential customers during the quarter and 168,000 high speed data customers. Time Warner Cable also added 295,000 voice customers but saw a decline of 38,000 in video customers. The company added 273,000 Triple Play customers during the quarter.
Residential revenue increased slightly to $4.6 billion, while revenue from business services rose 23% to $755 million.