With the recent publication of second quarter fiscal results, Air Products has exhibited growth in both sales and earnings, according to John McGlade this ‘reflects the strength’ of the firm.
Air Products enjoyed a lucrative but steady fiscal second quarter. For the period ended 31st March 2011, the North American company has reported net income of $309m, or diluted earnings per share (EPS) of $1.41.
The result does exclude a net after-tax cost of $4 million, or $0.02 per share, associated with the expired tender offer for the outstanding shares of Airgas, Inc.
With second quarter revenues growing 11% on the prior year’s term, to $2,501, John McGlade, Chairman, President and CEO’s enthusiasm, was justified.
In an official company statement, he commented, “For the quarter, we had strong growth with double-digit increases in both sales and earnings. This performance, along with our 18% dividend increase and $350 million share repurchase, reflects the strength of our business and our belief that shareholders should benefit directly from the improved operating performance of their company.”
High performing sectors with growth in volumes included electronics and performance materials, merchant gases and tonnage gasses. Moreover, sales appreciated by 5% while operating income improved 15% on the prior year, reaching $425m. Similarly, operating margin improved 80 basis points to 17%.