While yesterday was a significant news day for Airgas, so too is today for Air Products. Indeed, third quarter fiscal earnings report a successful period for the international company.
In particular, John McGlade, Chairman, President & CEO of Air Products believes quarter three of 2010 showed continued improvements for his company.
Today, Air Products reported net income of $277m or diluted earnings per share (EPS) of $1.28 for the third fiscal quarter ended 30th June 2010.
Q3 revenues increased 14% on the prior year to $2,252m, while operating income rose 22% to $374m. A divided analysis of revenues indicates that a sequential rise of 28% in tonnage gases and a 21% rise in electronics and performance materials were large contributors to this overall revenue increase. Meanwhile, merchant gas sales also increased, but at a modest rate of 4%. Conversely, equipment and energy sales were declined by 3%. Nevertheless, overall third quarter sales increased on 2009 to $2,252.3m from $1,976.2m respectively.
McGlade commented, $quot;Our Tonnage, Merchant, and Electronics and Performance Materials businesses had significant increases in volume this quarter. Our continued improvements in margin, earnings growth and return on capital show that we remain focused on delivering the value our shareholders expect.”