Air Products ‘off to a good start’


John McGlade, Chairman, President and Chief Executive Officer of Air Products, believes his company is off to a good start in fiscal 2010.

Air Products has reported net income of $252m, or diluted earnings per share (EPS) of $1.16, for its fiscal first quarter ended 31st December 2009, versus $69m, and $0.32 for the fiscal first quarter of 2009.

First quarter revenues of $2,174m declined one percent as lower energy and raw material cost pass-throughs offset higher volumes and favourable currency.

Operating income of $345m was up 20% from the previous year on improved volumes in Tonnage Gases, and Electronics and Performance Materials; broad productivity gains across the company; and favourable currency impacts.

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