Air Products, the industrial and speciality gases supplier, has reported a record net income of $285m for its third fiscal quarter ending 30th June 2007, including a favourable tax adjustment of $27m or $.12 per share.
On a continuing operations basis, net income increased $78m or 38 percent and diluted earnings per share (EPS) has risen 42 percent compared to the previous year. The company's overall operating income of $365m was up 25 percent against the previous year, with the largest increase of 27 percent occurring in the Tonnage Gases business sector.
Record third-quarter revenue of $2.595m was up 16 percent from the prior year on higher volumes and pricing in the Merchant segment and strong volumes in the Tonnage and Electronics and Performance Materials segments.
John Jones, chairman and chief executive officer, said, $quot;We again exceeded expectations with record performance this quarter. Sales were at their highest ever, as demand for our gases and materials across core manufacturing, energy and electronics markets remained strong. Most importantly, our people's focus on growth and productivity again delivered outstanding improvement in our drive to increase return on capital.$quot;
Reflecting on a positive performance and looking ahead to a potentially prosperous future, Jones added, $quot;With strong market demand and a robust backlog across our Merchant, Tonnage and Electronics and Performance Materials businesses around the world, we expect a strong close to a great fiscal 2007.$quot;