Air Products has reported net income of $210 million or diluted earnings per share (EPS) of $.92 for its third fiscal quarter ended June 30, 2006.
Net income increased 10 per cent and diluted EPS was up 12 per cent compared with the prior year.
Third quarter earnings comparisons are affected by the adoption of Statement of Financial Accounting Standards No. 123R and expensing of stock options as of 1 October 2005. On a comparable basis (including stock compensation expenses), net income increased 14 per cent and diluted EPS increased 16 per cent. A reconciliation can be found at the end of this release. The following discussion of third quarter results is on a comparable basis.
Revenues of $2,320m were up 12 per cent and operating income of $298m was up 18 per cent over the prior year on strong gases volumes and higher equipment activity.
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