Streamlining its business and reaping the rewards of strong volume growth, Air Products has reported net income of $70m for its fiscal third quarter ended 30th June 2008 and witnessed healthy performances in both its Tonnage gases and Merchant gases sectors.
Third quarter revenues of $2,808m rise 16% from the prior year on higher volumes in the Merchant Gases and Electronics and Performance Materials segments, higher pricing in Merchant Gases, favourable currency, and higher natural gas cost pass through.
The results include an impairment charge for the company’s US Healthcare business of $237m after-tax and income from discontinued operations of $19m after-tax, principally from the sale of its remaining polymer emulsions assets.
Excluding the US Healthcare impairment charge, operating income of $382m increased 9% versus the prior year.
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