US Air Products Q2 profit rises 23% to $252m, sales up 15%

22 April 2010 15:27  [Source: ICIS news]

TORONTO (ICIS news)--Air Products reported fiscal 2010 second-quarter net income of $252m (€189m), up 22.5% from the year-earlier period, as sales rose 15%, the US industrial gases major said on Thursday.

Growth was led by improved volumes in tonnage gases, as well as electronics and performance materials, it said.

Sales for the three months ended on 31 March were $2.25bn, up 15% from the fiscal 2009 second quarter and up 3% sequentially from the fiscal 2010 fiscal first quarter, Air Products said.

Operating income rose 40% to $364m, driven by higher volumes and lower costs, the company said.

"We are seeing improvement across our businesses,” said chief executive John McGlade said.

“Our second quarter had strong underlying revenue growth, continued margin improvement and significant earnings growth,” he added.

Results included a $15m after-tax charge related to expenses for Air Products’ bid to acquire rival Airgas, it said.

($1 = €0.75)

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By: Stefan Baumgarten
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