Air Products has reported net income of $179 million or diluted earnings per share (EPS) of $.79 for its fourth fiscal quarter ended 30 September 2005.
Net income increased six percent and diluted EPS was up eight percent compared with the prior year.
Revenues of $2,071 million were up five percent over the prior year on higher raw material and energy cost contractual pass-throughs and improved chemicals pricing. Higher gases and equipment volumes were offset by lower chemical volumes.
The impact of hurricanes Dennis, Katrina and Rita reduced revenues in the quarter by approximately two per cent. The hurricanes reduced operating income in the quarter by $20 million ($13 million in gases and $7 million in chemicals), or six cents per share.
For fiscal 2005, sales of $8.1 billion were up ten percent and net income of $712 million was up 18 per cent. Diluted EPS of $3.08 was up 17 per cent. This strong performance was driven by higher gases volumes, improved chemicals pricing and strong equipment performance, particularly in LNG.
John P. Jones, chairman and chief executive officer, said: \\$quot;We performed well in the quarter despite three hurricanes and dramatic increases in energy prices. Our employees, with their focused and rapid response, returned plants to service as quickly as possible, innovatively sourced product, and overcame many logistical problems to minimise disruption to our customers.
“As a result of these exceptional efforts, we continued to deliver improved results for our shareholders and for the seventh consecutive quarter improved our return on capital.\\$quot;
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