23 January 2013 11:55 [Source: ICIS news]
LONDON (ICIS)--Air Products’ fiscal first-quarter net income from continuing operations increased by 3% year on year to $277m (€208m), the US-based industrial gases major said on Wednesday.
Sales of $2.6bn for the quarter ended 31 December 2012 were 10% higher than the same period in the previous year, while operating income was 5% higher at $372m.
Diluted earnings per share during the period rose by 3% year on year to $1.30.
“Globally, economic growth underperformed our expectations for the quarter,” said John McGlade, chairman, president and CEO.
He said the company had delivered higher volumes in Tonnage Gases, and Equipment and Energy, but both Merchant Gases and Electronics volumes declined.
“Our operating performance was encouraging and we are seeing improvements from our cost and restructuring actions. It's a positive start that we expect to improve upon through the year,” McGlade added.
($1 = €0.75)
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