Air Products' Earnings rise on improved volumes And lower costs

摘要

Air Products' net income and sales improved in its fiscal second quarter, ended March 31, mainly because of improved volumes in the tonnage gasses and electronics and performance materials businesses. Energy and raw material cost pass-through and favor- able currency rates also helped to lift sales. Air Products says it expects improved market conditions to continue, and has raised its full-year earnings estimate by more than 20%. Second-quarter net income rose 30%, to $267 million ($1.23/share), on sales up 15%, to $2.2 billion. Net income excludes a $15-million charge related to the tender offer made in February for the outstanding shares of Airgas. Operating income rose 40%, to $364 million.