Air Products has today announced its Q1 fiscal 2020 results, including GAAP net income of $489m and GAAP diluted earnings per share (EPS) of $2.14.
GAAP diluted EPS was up 36% and GAAP net income was up 37%, primarily driven by higher pricing and volumes in all three regions as well as prior year costs related to tax reform adjustments and a facility closure.
First quarter sales of $2.3bn increased 1% versus prior year on 6% volume growth and 3% higher pricing, partially offset by 5% lower energy pass-through; 1% unfavourable currency; and 2% from a contract modification to a tolling agreement in India, which impacts sales.
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