Air Products today reported third quarter results led by strong performance in Merchant Gases, and Electronics and Performance Materials.
For the quarter ended June 30, 2014, net income was $314m, up 9%, and diluted earnings per share (EPS) was $1.46, an increase of 7%, compared with results for the third quarter of 2013.
Third quarter sales of $2,635m increased 3% versus prior year, driven by higher volumes across all business segments. Excluding the prior exit from the Polyurethane Intermediates business (PUI), underlying sales improved 4% versus prior year on 3% higher volumes. Sequentially, sales increased 2% on 4% higher volumes in Electronics and Performance Materials, Tonnage Gases, and Merchant Gases.
Operating income of $414m increased 8% versus prior year, largely on higher volumes in Electronics and Performance Materials, and better pricing in Merchant Gases. Operating margin of 15.7% improved 70 basis points, with positive volumes more than offsetting higher costs, primarily from maintenance outages. Adjusted EBITDA for the third quarter was $653m, up 7% versus prior year and 6% sequentially.
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