Air Products & Chemicals Inc's quarterly profit narrowly missed expectations, partly due to weak demand for a solar product, and the industrial gas producer said Friday that its chief financial officer will retire.The glut of supply affecting the global solar market is denting sales of silane, an industrial gas used to help apply silicon to glass inside solar panels.Air Products recorded a $127 million, after-tax charge during the quarter as it canceled a silane supply agreement. Across the industry, supply should exceed demand "for the foreseeable future," the company said.The charge dented quarterly earnings by 59 cents per share.
Air Products and Chemicals, Inc. has a portfolio of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. Shares of APD remained unchanged at $85.35. In the past year, the shares have traded as low as $76.11 and as high as $92.79. On average, 886918 shares of APD exchange hands on a given day and today's volume is recorded at 800.
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