Air Products & Chemicals swung to a loss in the latest completed quarter due to its recently announced decision not to proceed with the Louisiana Clean Energy Complex project.

The provider of essential industrial gasses and chemicals said in late June that the project's expected financial returns wouldn't meet necessary levels and that it would record roughly $2.9 billion in pretax charges from the exit. Its stock jumped that day as investors cheered the decision.

Abandoning the clean-energy complex in Louisiana, along with a green-hydrogen production facility under construction in Casa Grande, Ariz., and certain other smaller-scale clean energy distribution projects, pushed Air Products to a loss of $1.44 billion, or $6.47 a share, for the fiscal third quarter that ended June 30. That's compared with a profit of $713.8 million, or $3.24 a share, in the same quarter a year earlier.

Stripping out one-time items, adjusted earnings were $3.47 a share. That beat analyst projections by 13 cents, according to FactSet.

Sales for the quarter rose 4.6% to $3.16 billion, below analyst targets for $3.2 billion.

The company said it now expects adjusted earnings of $13.39 to $13.49 a share this year, up from a prior estimate of $13 to $13.25 a share.

For the fiscal fourth quarter that started this month, the company is expecting $3.55 to $3.65 a share. Analysts polled by FactSet had been projecting $3.52 a share.

Air Products said it is still cautious, given the current state of macroeconomic uncertainty, but that it expects to see benefits from new asset contributions, pricing actions and progress on productivity initiatives.