Air Products' 3rd qtr shows mixed financial results
Air Products reported its third quarter financials on Tuesday, and the results were mixed.
The Lehigh County-based compressed gas company said its quarterly net income amounted to $288 million and included diluted earnings per share (EPS) of $1.36 for its fiscal thirs quarter which ended June 30.
The net income was down five percent, and the EPS was down four percent versus the previous year.
Third quarter revenues of $2,547 million increased nine percent versus the prior year, with underlying sales down two percent due to a previously announced decision to exit the polyurethane intermediates (PUI) business.
The company's acquisitions contributed six percent, and higher energy cost pass-through increased sales five percent.
Commenting on the third quarter, John McGlade, chairman, president and chief executive officer, said, "Productivity and solid execution offset continued economic weakness, enabling us to deliver earnings within guidance. We remain focused on delivering on our commitments and executing on our $3 billion backlog?and we expect these projects to be immediately accretive to earnings and cash flow as they come online.
"We are actively assessing additional actions that we can take that would result in increased value to our shareholders. While our review continues, we have already identified further actions we expect to take to improve margins and returns," he added.
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