22 July 2010 12:49 [Source: ICIS news]
LONDON (ICIS news)--Air Products’ third-quarter net income rose by 23% year on year to $277m ($216m) as a result of margin improvements and earnings growth, the US industrial gases firm said on Thursday.
Sales for the quarter came in at $2.25bn, up 14% from the same three months in 2009, while operating income of $374m rose 22% from the same quarter last year on significantly improved volumes, Air Products said.
“Our tonnage, merchant, and electronics and performance materials businesses had significant increases in volume this quarter. Our continued improvements in margin, earnings growth and return on capital show that we remain focused on delivering the value our shareholders expect,” said Air Products chairman, president and CEO John McGlade.
He added that the company’s operating leverage across the company would continue to drive margin improvement, and that earnings growth was expected to exceed 20% for fiscal 2010.
McGlade said the company was on track to hit its margin goal of 17% in 2011.
($1 = €0.78)
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