Air Products Earnings Up 20%

摘要

Air Products reported net income of $252 million, or diluted earnings of $1.16/ share, up 20% from the year-ago quarter excluding restructuring charges. Operating income was up 20% to $345 million due to improved volumes in tonnage gases, and electronics and performance materials; productivity gains; and favorable currency impacts. Revenues for the quarter fell 1% year-over- year to $2.2 billion as lower energy and raw material costs more than offset higher volumes and favorable currency impacts. Air Products raised earnings expectations for fiscal 2010 to $4.75-$4.95/share, up 17%-22% from 2009 levels. The company's prior earnings expectations, issued in October, forecast 2010 earnings of $4.65-$4.90/share. Company officials say they expect “a gradual and modest recovery” in fiscal 2010 with year-over-year global manufacturing gains of 1%-2%.