Air Products profits in second quarter ‘below expectations’


Air products announced a net income of $281m, or diluted earnings per share (EPS) of $1.31, for its fiscal second quarter ending 31st March 2012.

Second quarter revenues of $2,344m decreased 2% versus the previous year, primarily on lower energy pass-through and a stronger dollar.

Commenting on the quarter, John McGlade, Chairman, President and CEO, said, “Overall, second quarter volumes were below our expectations, as business activity did not pick up as much as we expected. With Europe in recession, we have taken actions to improve our business portfolio and cost positions.”

“While our volumes were held down by lower demand, we did see positive impact from our pricing efforts and new plants” said

John McGlade, Chairman, President and CEO Air Products

Underlying sales were up 2% on higher Tonnage Gases volumes and improved pricing in Merchant Gases.

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