Air Products has reported net income of $181 million or diluted earnings per share (EPS) of $.80 for its first fiscal quarter ended 31 December 2005. Net income increased eight percent and diluted EPS was up 11 per cent compared with the prior year.
First quarter earnings comparisons are affected by the adoption of Statement of Financial Accounting Standards No. 123R and expensing of stock options as of 1 October 2005. On a comparable basis (including stock compensation expenses), net income increased 13 percent and diluted EPS increased 16 percent.
Discussion of fiscal Q1 results on a comparable basis:
Revenues of $2,099 million were up five per cent over the prior year on higher natural gas and raw material cost contractual pass-throughs to customers, volume growth in gases, and improved pricing in chemicals. Operating income of $252 million was up 11 per cent from the prior year, primarily on strong gases volumes and higher equipment activity.
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