Air Products today reported net income of $336m, up 19% versus prior year, and diluted earnings per share (EPS) of $1.55*, up 17% versus prior year for its fiscal second quarter ended March 31, 2015.
On a GAAP basis, net income and diluted EPS from continuing operations were $290m and $1.33, respectively, for the quarter.
Second quarter sales of $2.415bn decreased 6% versus prior year, as underlying sales growth of 5% was more than offset by unfavorable currency and lower energy pass-through. Volumes increased 4%, primarily in Industrial Gases–Asia and Materials Technologies, and pricing was up 1%. Sequentially, sales declined 6% on unfavorable currency and lower energy pass-through.
Operating income of $442m increased 15% versus prior year, and operating margin of 18.3% improved 340 basis points. Adjusted EBITDA of $709m increased 10% over prior year, and EBITDA margin of 29.4% improved 440 basis points, reflecting strong operating leverage.
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