24 July 2012 12:12 [Source: ICIS news]
LONDON (ICIS)--Air Products' fiscal 2012 third-quarter net income rose 48% year on year to $484.5m (€397.3m) despite sales falling 5%, partly on the back of higher pricing in the group’s Merchant Gases business, the US-based industrial gases major said on Tuesday.
The result includes earnings from discontinued operations associated with the sale of Air Products’ Continental Europe Homecare business to German industrial gases firm Linde Group in January.
Sales in the three months ended 30 June 2012 fell to $2.34bn from $2.47bn reported in the corresponding period the year before, primarily on lower energy pass-through and a stronger dollar, Air Products said.
The group’s fiscal third-quarter operating profit rose 25% year on year to $482.8m, it added.
Commenting on the quarter, John McGlade, chairman, president and CEO, said: “Economic growth this quarter was below what we expected in Asia, ?xml:namespace>
Looking ahead, McGlade said, "The current economic uncertainty continues to impact our near-term volume growth. To offset this, we will continue to deliver productivity and cost reduction to the bottom line.”
“In the longer-term, we remain confident in the growth prospects for industrial gases and Air Products,” he added.
Air Products expects fourth-quarter adjusted earnings per share from continuing operations to be between $1.42-1.47 per share.
The company's adjusted guidance for continuing operations for fiscal 2012 is $5.40-5.45 per share.
($1 = €0.82)
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