29 October 2013 11:00 [Source: ICIS news]
LONDON (ICIS)--Air Products’ fiscal fourth-quarter net income from continuing operations rose by 10% year on year to $150.2m (€108.1m) as costs were reduced and volumes improved, it said on Tuesday.
Operating income increased by 13% to $179.2m while the operating margin improved to 6.9% from 6.1% in the same quarter last year, the US-based industrial gases major said.
Sales were down slightly, by less than 1%, to $2.59bn, partly impacted by the company’s decision to exit the polyurethane intermediates business.
Diluted earnings per share for the quarter rose to 70 cents from 64 cents in the prior year quarter.
“We delivered on our key priorities and produced strong returns for shareholders, reflecting our continued focus on cost reduction, productivity improvements and disciplined project execution, said Air Products chairman, president and CEO John McGlade.
“Despite a weak economy, our volumes improved and our productivity initiatives more than offset inflation,” McGlade added.
The figures are based on Generally Accepted Accounting Principles (GAAP).
On the company’s outlook, McGlade said: “We are taking decisive actions to build momentum and accelerate earnings growth.”
($1 = €0.72)
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