There are gains for Air Products as the company announces its Q3 financial results – but sales are down 6%.
The company has announced net income of $359m, up 14% versus prior year, and diluted earnings per share (EPS) of $1.65, up 13% versus prior year for its fiscal third quarter ended June 30, 2015.
Third quarter sales of $2.470bn decreased 6% versus prior year, as underlying sales growth of 4% was offset by unfavorable currency and lower energy pass-through. Volumes increased 3%, primarily in Industrial Gases–Asia, Materials Technologies and the LNG business, and pricing was up 1%.
Operating income of $482m increased 17% versus prior year, and operating margin of 19.5% improved 380 basis points, driven by cost performance, higher pricing and higher volumes. Adjusted EBITDA of $758m increased 9% over prior year, and EBITDA margin of 30.7% improved 430 basis points, reflecting strong operating leverage.
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