McGlade applauds ‘strong volume growth’ following a successful third quarter


Air Products reported encouraging results for its fiscal third quarter ended 30th June 2011. In particular, the North American firm saw net income from continuing operations appreciate to $318m, reflecting a 15% increase versus the corresponding quarter last year.

Furthermore, the firm enjoyed diluted earnings per share (EPS) from continuing operations of $1.46, equating to a 14% rise on the prior year.

Third quarter revenues also increased 14% to $2,578m. Meanwhile, sales grew 7% on higher volumes, primarily in the Electronics and Performance Materials and Tonnage segments. Moreover, with operating income of $417m, this too reflected success with an 11% incline on the prior year.

John McGlade, Chairman, President and CEO, reflected on the results, “We continued to see strong volume growth across a number of our businesses. Growth in the Asia Merchant business and more broadly in the energy and electronics markets was strong, while both the US and Europe Merchant businesses were slower.”

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