Air Products fiscal Q4 net profit rises 19.5% to $294m

21 October 2010 12:06  [Source: ICIS news]

An Air Products facility in the USLONDON (ICIS)--Air Products' fiscal fourth-quarter net profit from continuing operations rose by 19.5% to $294m (€212m) on a stronger across-the-board performance, the US-based industrial gases producer said on Thursday.

The figure includes a $22m charge for costs associated with the firm’s bid for Airgas, it added.

The as-reported net profit for the quarter was 14.0% higher at $278m.

Air Products' fourth-quarter sales were up 10.4% at $2.35bn, with merchant gases sales up 2%, tonnage gases sales up 17%, a 20% increase in sales from its electronics and performance materials segment and 5% higher equipment and energy sales.

The firm’s fourth-quarter operating income of $402m was 22% higher.

Air Products said the sequential quarter-to-quarter increases in sales revenues and operating income in its fiscal fourth quarter were 4% and 7% respectively on higher volumes across all segments.

For the full year, Air Products reported a net profit of $1.05bn from $643bn in 2009. Sales were 9.3% higher at $9.03bn.

The company said its initial 2011 fiscal year earnings guidance was for an increase of between 10% and 14% and earnings per share (EPS) of between $5.50 and $5.70. Fiscal first-quarter 2011 guidance was for EPS of between $1.31 and $1.35.

“We expect a continued, gradual, global economic recovery in 2011,” said CEO John McGlade. “We remain committed to delivering our 2011 targets of double-digit earnings growth, improving return on capital and achieving a 17% operating margin,” he added.

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By: Nigel Davis
+44 20 8652 3214



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