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[Gas Giant Profit Warning: Weak Helium Demand and Downturn in US Manufacturing Affect Double Hits] ⑴ Air Products lowered its fourth-quarter profit forecast on Thursday and narrowed its full-year profit target. ⑵ This was primarily due to weak helium demand, project withdrawals, and the lingering impact of the previous sale of its liquefied natural gas (LNG) business, which dragged down sales. ⑶ The continued slump in US manufacturing in June weakened business and consumer confidence, directly impacting demand for Air Products' gases and related services. ⑷ The chemical industry is struggling with inventory destocking and facing weak demand in key markets such as China and Europe. ⑸ Air Products expects fourth-quarter adjusted earnings per share of $3.27 to $3.47, below the average analyst estimate of $3.48. ⑹ The company now expects adjusted earnings per share of $11.90 to $12.10 for fiscal 2025, compared to the previous forecast of $11.85 to $12.15. ⑺ In the third quarter, although the sale of subsidiaries and other assets brought in $99 million in gains, this was offset by $25 million in shareholder activism-related expenses and $24 million in project shutdown cost correction charges. ⑻ During the company's reporting period, strong performance in the European and Asian markets was offset by profit pressure and sales declines in the Americas market, the latter mainly affected by weak helium demand and project exits. ⑼ Operating income in the Americas region fell 4% to $374 million, and the profit margin fell 200 basis points to 29.7%, mainly due to increased maintenance-related depreciation and previously announced project shutdowns. ⑽ Production in the region fell 6%, reflecting reduced production activity and poor helium sales. ⑾ The company reported adjusted profits of $3.09 per share in the April-June period, higher than analysts' expectations of $2.99.