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Air Products Sales Up 10.3% in Fourth Quarter

Air Products (NYSE: APD), Lehigh Valley, PA, reported sales of $2.35 billion for the fourth quarter ended Sept. 30, 2010, an increase of 10.3 percent over the same period a year ago. Profit increased 11.6 percent to $272.1 million.

For fiscal 2010, sales of $9.02 billion increased 9 percent on higher volumes. Profit was $1.03 billion, compared to year-ago profit of $631.3 million.

"In 2010, we emerged from the recession and delivered strong growth and productivity, which generated significant improvements in operating margin and return on capital," said John McGlade, president and CEO.

Merchant Gases fourth-quarter sales of $948 million increased two percent from the prior year on five percent higher volumes across all regions, notably Asia. Operating income of $185 million improved 12 percent from the prior year.

Tonnage Gases sales of $752 million were up 17 percent in the fourth quarter on improved volumes from new plant onstreams and higher energy and raw material cost pass-throughs. Operating income of $117 million rose 11 percent from the prior year.

Electronics and Performance Materials sales of $523 million increased 20 percent, primarily on higher volumes. Operating income of $84 million increased 71 percent.

Equipment and Energy sales of $128 million rose five percent from the prior year. Operating income of $20 million improved significantly on increased LNG activity.

Air Products serves customers in industrial, energy, technology and healthcare markets worldwide with a portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services.

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