Air Products reported net income of $314m, or diluted earnings per share (EPS) of $1.43, for its fiscal second quarter ended 31st March 2008, with net income increasing 38% and diluted EPS increasing 40% compared with the year previous.
Displaying another strong quarter for sales and earnings growth, the results include income from discontinued operations of $0.28 per share and a pension settlement charge of $0.08 per share. Excluding such items, net income of $270m increased 24% and diluted EPS of $1.23 increased 27%.
Second quarter revenues of $2.6m rose 13% on higher volumes in the Tonnage Gases and Electronics and Performance Materials segments, higher pricing in Merchant Gases, and favourable currency – while operating income of $365m increased 18% versus the prior year.
Commenting on the quarter’s solid results, John McGlade, Chairman, President and CEO, said, “We had another strong quarter of double-digit sales and earnings growth. We made good progress on a number of our fiscal 2008 targets, including improving our operating margin and increasing our quarterly dividend by 16%. Finally, we completed the sale of our Polymer Emulsions business and announced our first sale of gas orders in the Middle East.”
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