Air Products has declared net income of $264m for its fiscal first quarter ended December 2007, an increase of 15% and heralding the impressive start of a promising new year ahead for the company.
First quarter revenues of $2,474m increased 9% from the prior year on higher volumes, improved pricing across most segments, and a weaker dollar, with operating income of $372m showing an increase of 17% over the previous year.
The results include $0.03 of discontinued operations related to a previously announced definitive agreement to divest Air Products’ interest in its polymers joint ventures to Wacker Chemie AG and the completed sale of the company’s High Purity Process Chemicals (HPPC) business to KMG Chemicals during the quarter.
On a continuing operations basis, net income increased 16%, and diluted EPS increased 17%.
John McGlade, President and Chief Executive Officer, enthusiastically said, “Our fiscal year is off to a great start, thanks to the dedication and commitment of our 22,000 employees worldwide. We delivered double-digit earnings growth and significant margin improvement during the quarter. This strong performance reflects the continued emphasis we have placed on delivering profitable growth through our global focus and relentless drive for productivity.”
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