Air Products' Q1 net income falls 7.1% to $256.3m, sales up 1.3%

24 January 2012 12:49  [Source: ICIS news]

LONDON (ICIS)--Air products’ fiscal first-quarter net income fell by 7.1% year on year to $256.3m (€197.4m) as sales rose just 1.3% amid challenging economic conditions , the US-based industrial gases major said on Tuesday.

Sales for the three months ended 31 December rose to $2.42bn from $2.39bn in the same period in 2010 because of higher prices in merchant gases and performance material, Air Products said.

“As we expected, economic growth continued to slow this quarter, depressing volumes and limiting earnings growth. In spite of these economic headwinds, we did improve our operating performance, while lowering costs and winning significant new tonnage contracts,” said CEO John McGlade.

“We expect second quarter economic activity to remain slow. We are forecasting Asia and North America growth to accelerate in the second half of our fiscal year,” he added.

($1 = €0.77)

By: Leigh Stringer
+44 208 652 3214

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