19 October 2012 12:24 [Source: ICIS news]
LONDON (ICIS)--Air Products' fiscal 2012 fourth-quarter net income from continuing operations fell steeply to $137.1m (€105.6m) from $304.2m in the corresponding period last year, partly because of a slowdown in global manufacturing growth, the US-based industrial gases major said on Friday.
Revenue in the three months ended 30 September rose 4.0% year on year to $2.61bn, partly on higher volumes in its Tonnage Gases, Equipment and Energy, and Electronics and Performance Materials segments.
Air Products' operating income during the quarter fell to $157.9m from $395.4m in the corresponding period of 2011, it added.
The figures are based on Generally Accepted Accounting Principles (GAAP).
Commenting on the fiscal year, John McGlade, chairman, president and CEO, said: “The fourth quarter was a continuation of the economic trends that we have seen throughout the year, with global manufacturing growth continuing to slow. This has led to weak volumes in 2012, which we have been able to offset with increased productivity and cost reductions.
“In this most recent quarter, we continued our efforts to further position ourselves for the future by exiting our polyurethane intermediates business and restructuring our photovoltaic businesses,” he added.
In the company outlook, McGlade said, “We are starting our 2013 fiscal year with weak economic momentum worldwide. Our focus will be on taking actions in the areas that we believe can have the greatest impact on improving margins and returns.”
($1 = €0.77)
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