Amidst the coronavirus pandemic, Air Products has released its fiscal 2020 second quarter (Q2) results as the company continues to run its facilities safely, deliver critical products to customers, and win new projects,
For the quarter Air Products reported a GAAP net income, including discontinued operations, of $490m, up 13%, and GAAP diluted earnings per share (EPS) of $2.21, including an estimated $0.06 to $0.08 negative impact from the coronavirus, up 16%.
Q2 sales of $2.2bn increased 1% over the prior year on 6% volume growth and 2% higher pricing, partially offset by 5% lower energy pass-through and 2% unfavourable currency. Volume growth was primarily driven by base business growth, new plants, acquisitions and a short-term contract in Asia, which were partially offset by an approximately one percent negative volume impact due to COVID-19.
The negative COVID-19 impact was primarily due to Asia merchant volumes, which declined by about 25% for approximately six weeks following the Lunar New Year holiday before recovering in late March.
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