28 January 2014 13:30 [Source: ICIS news]
LONDON (ICIS)--US-based Air Products on Tuesday reported a fiscal first-quarter net income of $287m, up 4% year on year, on the back of a "strong performance" in its Electronics and Performance Materials and Equipment and Energy divisions, despite falling dales.
Total sales for the quarter decreased 1% year on year to $2.5bn on the back of lower volumes in Air Products' Tonnage Gasses division as well as on stable prices.
Volumes in the quarter ended 31 December 2013 were higher year on year in Merchant Gases (sales of $1bn, up 4%), in Electronics and Performance Materials (sales of $579m, up 5%) and in Equipment and Energy (sales of $111m, up 4%), while refinery customer outages impacted volumes in its Tonnage Gases segment, which accounts for the company’s second largest sales at $808m, which stands as a 10% decrease year on year.
Earnings per share (EPS) from continuing operations stood at $1.34, up 3%, compared with the same period between October and December 2012.
Air Products said that the strong demand in the US Gulf Coast had been offset by plant outages and lower Latin American volumes.
“In the first quarter, our cost reduction efforts contributed to higher operating income, further strong signings improved asset loadings, and we continued to execute on our strong backlog, bringing on major new plants in China [for XLX and Samsung],” said John McGlade, chairman, president and CEO.
The company said it has signed a “significant” liquefied natural gas (LNG) production and exports facility in Arctic Russia to supply technology and equipment.
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