Air Products has reported net income of $128m or diluted earnings per share of $0.57 for its fiscal fourth quarter ended 30 September 2006.
This includes $0.13 of discontinued operations related to the sale of the company’s amines business and $0.21 for corporate reorganization and streamlining initiatives, as previously announced. Also included is a $0.03 per share charge for the cumulative effect of an accounting change for asset retirement obligations. On a continuing operations basis excluding the impact of these items, net income was $210m and EPS was $0.94, up 19 and 22 per cent, respectively, compared with prior year results.
The discussion of fourth quarter and full year results in this release is based on non-GAAP comparisons. It excludes the impacts of the above items and includes the proforma impact of stock option expensing on fiscal 2005 results.
Fourth quarter revenues of $2,359m were up 18 per cent from the prior year on strong volume performance in the company’s merchant gases, tonnage gases, electronics and performance materials, and equipment and energy segments. Record operating income of $305m was up 25 per cent versus prior year.
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