Shares of Air Products & Chemicals (APD) surged 5.23% in intraday trading Thursday, following the release of stronger-than-expected fiscal third-quarter results and an upbeat full-year outlook.

The industrial gases company reported adjusted earnings per share of $3.47, surpassing the analyst consensus estimate of $3.34. Revenue rose 5% to $3.2 billion, roughly in line with expectations. The earnings beat was driven by higher on-site volumes, favorable pricing, and contributions from new long-term supply agreements, including semiconductor expansion projects in Asia.

Additionally, Air Products raised its fiscal 2026 adjusted earnings per share guidance to a range of $13.39 to $13.49, up from the previous $13.00 to $13.25, and above the consensus estimate of $13.23. The company also provided a fourth-quarter adjusted EPS forecast of $3.55 to $3.65, exceeding the consensus of $3.51. The decision to exit certain clean energy projects and reduce capital expenditures, while focusing on traditional industrial gas projects, was also seen as a positive step toward improving profitability.