26 April 2006 16:16 [Source: ICIS news]
HOUSTON (ICIS news)--Air Products on Wednesday posted profit (operating income) of $295.6m (Euro237m) for its fiscal 2006 second quarter, up 22% from $252.2m a year earlier on strong gases segment sales and equipment segment revenues.
Revenues of $2.3bn were up 16% from a year earlier, the Lehigh Valley, Pennsylvania company said.
The company’s gases segment posted a second-quarter profit of $229m, up 15% from a year earlier, on $1.6bn in sales. Air Products’ chemical segment profit was $50m, up 18% from a year earlier, despite a slight decline in sales to $493m. Equipment sales profits were $24m, up from $8m a year earlier on $180m in revenue.
The company announced in March it was exploring the sale of its amines and polymers businesses; was restructuring its polyurethane intermediates business; had sold its dinitrotoluene plant in Geismar, Lousiana to BASF for $155m (resulting in a $70m gain for Air Products); and had acquired Milton, Wisconsin-based speciality surfactants producer Tomah for $120m.
JPMorgan said Air Products’ results were higher than expected with an earnings per share (EPS) from operations of 89 cents versus JPMorgan’s expectation of 86 cents and a Wall Street consensus estimate of 87 cents.
Air Products provides atmospheric gases, process and specialty gases, performance materials and chemical intermediates. Air Products specializes in semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives.
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