Shares of Air Products & Chemicals (APD) plunged 5.92% in pre-market trading on Thursday after the industrial gases giant reported disappointing second-quarter results and significantly lowered its full-year earnings guidance.

The company reported adjusted earnings per share of $2.69 for the quarter ended March 31, falling short of analyst expectations of $2.83 and down from $2.85 in the same period last year. Quarterly sales came in at $2.9 billion, slightly below estimates of $2.925 billion and the $2.93 billion reported a year ago.

Adding to investor concerns, Air Products slashed its full-year adjusted earnings guidance. The company now expects fiscal 2025 adjusted EPS in the range of $11.85 to $12.15, down from its previous forecast of $12.70 to $13.00. This reduction suggests ongoing challenges in the company's operating environment.

Air Products cited lower volumes and higher costs as key factors impacting its performance. The company noted that volumes were squeezed due to weak global helium demand and the divestiture of its LNG process technology and equipment business.

Further impacting the financials, Air Products disclosed a substantial $2.3 billion after-tax charge recorded during the quarter for business and asset actions. This charge was primarily related to the company's exit from three major U.S. projects, including cost-cutting measures and strategic shifts.

The combination of missed quarterly results, lowered full-year guidance, and the substantial charge appears to have shaken investor confidence, leading to the sharp pre-market decline. As trading opens, investors will be closely watching for any additional commentary from management on the company's outlook and strategies to address the current headwinds.