Air Products ‘particularly pleased’ with performance


Air Products has reported net income of $267m, or diluted earnings per share (EPS) of $1.23, for its fiscal second quarter ended 31st March 2010, versus $252m for the fiscal Q1 2010.

The figure excludes an after-tax charge of $15 million, or $0.07 per share, for costs associated with the tender offer for the outstanding shares of Airgas, Inc.

Second quarter revenues of $2,249m increased 15% due to improved volumes in Tonnage Gases, Electronics and Performance Materials and favorable currency in addition to Energy and raw material cost pass-through. However, Merchant Gas sales experienced a more minimal increase of 6% on the previous year, while Equipment and Energy sales declined 7%.

Operating income of $364m rose 40% on the previous year due to higher volumes and lower costs. John McGlade, Chairman, President & CEO of Air Products, commented, ‘We are seeing improvement across our businesses. Our second quarter had strong underlying revenue growth, continued margin improvement and significant earnings growth.’

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