Air Merchandise and Chemical substances (APD) shares tumbled Friday, a day after the corporate’s earnings outlook for the present quarter missed expectations.

The economic fuel provider posted adjusted earnings of $636.9 million, or $2.86 per share, on income of $2.93 billion for the fiscal first quarter, roughly in step with analysts’ estimates compiled by Seen Alpha.

Nonetheless, the corporate’s adjusted earnings outlook for the second quarter of $2.75 to $2.85 per share got here in nicely under the analyst consensus.

Outcomes Comply with New CEO Appointment, Proxy Battle With Mantle Hill

The report got here simply days after Tuesday’s announcement of a brand new CEO, with former Linde (LIN) government Eduardo Menezes changing Seifi Ghasemi as CEO efficient Friday.

The CEO change adopted a proxy battle with activist funding agency Mantle Ridge, which attacked the corporate’s management as having «considerably underperformed» business rivals and the broader market during the last a number of years. The agency mentioned Ghasemi led Air Merchandise to give attention to higher-risk tasks and lowered the corporate’s revenue margins, which the corporate referred to as «falsehoods and deceptive claims.»

Three of the activist investor’s 4 nominees had been voted onto Air Merchandise’ board final month, in accordance with a launch.

Shares of Air Merchandise fell over 5% to $310.13 in Friday afternoon buying and selling, although even with Friday’s losses, they’ve gained about 40% during the last 12 months.