Air Products has announced net income has more than doubled for its fiscal 2007 fourth-quarter, rising from $128m in the same period of 2006 to $293m or $1.31 per share.
For fiscal 2007, sales of $10.038m were up 15% and net income of $1.03bn rose by 43%.
The 2007 fourth-quarter results included a loss for discontinued operations related to the pending sale of the company’s High Purity Process Chemicals business announced today, a gain on a polyurethane intermediates contract settlement, a tax benefit on the charitable donation and gain on sale of an investment, a charge for a supplemental pension plan, a charge for a global cost reduction plan, and a tax benefit from audit settlements and adjustments.
Record fourth quarter revenues of $2,603 million were up 12 percent from the prior year on higher pricing and volumes in the Merchant Gases segment, and higher volumes in the Tonnage Gases and Electronics and Performance Materials segments. Operating income of $371 million was up 22 percent.
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