Slowing helium demand in Asia has dented the first-quarter results of Air Products.
The fiscal year of the industrial gases major runs from October to September, so its Q1 figures are for the period to end-December 2023. Sales in the quarter were $4bn, down 6% for the same period in the prior fiscal year.
On a conference call this week, Air Products said that challenging economic conditions in China, and the weak electronics market overall, had hit its Asia performance.
Seifi Ghasemi, who is Chairman, President, and CEO, said, “The issue with helium is that demand is lower – especially in the electronics market across the board, and particularly in China and Asia.”