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Air Products Third-Quarter Sales Increase 17%

July 22, 2011
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Air Products (NYSE: APD), Lehigh Valley, PA, reported sales for the second quarter ended June 30, 2011, were $2.58 billion, an increase of 17 percent over the same period a year ago. Profit attributable to the gases manufacturer increased 29 percent to $326.5 million.

Fiscal year to date, sales were $7.47 billion, up 12 percent over the prior year. Profit attributable to Air Products increased 19 percent to $899.4 million.

"We continued to see strong volume growth across a number of our businesses," said John McGlade, president and CEO. "Growth in the Asia Merchant business and more broadly in the energy and electronics markets was strong, while both the U.S. and Europe Merchant businesses were slower. This quarter, as expected, we saw a significant number of planned customer maintenance outages in our Tonnage segment. We remain very disappointed by the continued higher operating and maintenance costs in our Merchant segment and are taking the necessary steps to improve performance."

Merchant Gases third-quarter sales of $1.03 billion increased 12 percent versus prior year on higher volumes, primarily in Asia, positive pricing in North America and Asia, and favorable currency. Tonnage Gases sales of $869 million were up 20 percent from the prior year primarily on higher volumes, and higher energy and raw material cost pass-through.

Electronics and Performance Materials sales of $602 million improved 21 percent over the prior year on higher volumes. Electronics sales increased 24 percent and Performance Materials sales grew 18 percent versus prior year.

Equipment and Energy sales of $80 million were down 31 percent versus the prior year on lower ASU sales.

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