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For the fiscal year, sales were $10.1 billion, up 12 percent over fiscal 2010, primarily driven by a 9 percent volume increase. Profit increased 18 percent to $1.2 billion.
"This quarter's improvements were driven by growth in emerging markets and strong performance in our Tonnage Gases business," said John McGlade, president and CEO. "Overall economic activity for this quarter continued at the slower underlying growth rate we saw last quarter."
Fourth-quarter Merchant Gases sales of $1 billion increased 10 percent from the prior year on higher volumes in Asia and U.S./Canada. Sequentially, sales increased two percent, on three percent volume growth. Operating income of $192 million improved 4 percent from the prior year on better volumes and positive pricing in Asia and U.S./Canada. This was partially offset by higher costs and lower Healthcare pricing in Europe.
Tonnage Gases sales of $883 million in the fourth quarter were up 17 percent from the prior year on 11 percent volume growth, primarily driven by new projects. Sales were up 2 percent sequentially. Operating income of $152 million was up 30 percent from the prior year, based on higher volumes, lower costs and gains related to contract modifications.
Electronics and Performance Materials sales of $587 million in the fourth quarter increased 12 percent from the prior year, primarily on higher Electronics volumes and Performance Materials pricing. Sequentially, sales decreased 3 percent on lower Performance Materials volumes due to slowdowns in key markets including housing, construction and autos. Operating income of $92 million was up 9 percent on higher Electronics volumes and improved pricing in Performance Materials.
Equipment and Energy sales of $96 million and operating income of $12 million were down 25 percent and 43 percent respectively versus the prior year, due to lower LNG and air separation unit activity. Sequential sales were up 21 percent on higher air separation unit activity. The sales backlog versus prior year is up 22 percent based on several new large orders.
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| Digital Strategy Manager | Border States Electric | Fargo North Dakota |
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