The 2020 Mid-Year Economic Update_long

Air Products Sales Up 4% in 2Q

Year-to-date sales up 1.6%.

Air Products (NYSE: APD), Lehigh Valley, PA, reported sales for the fiscal second quarter, ended March 31, of $2.6 billion, a 4 percent increase from the previous year. Profit decreased 2 percent to $284 million.

“In the second quarter, Air Products delivered higher underlying volumes," said John McGlade, chairman, president and CEO. "We also executed well on our planned maintenance outages and managed the additional challenge of adverse weather, the costs of which we are committed to recover in the second half of the year."

Year-to-date sales were $5.1 billion, up 1.6 percent from the same period the previous year. Year-to-date profit increased 1 percent to $573.7 million.

Merchant gases sales of $1 billion in the second quarter increased 4 percent versus prior year, primarily on higher volumes in U.S./Canada, Asia and Latin America, partially offset by lower helium volumes due to continued global supply constraints.

Tonnage gases sales of $840 million increased 4 percent versus prior year, as higher energy pass-through more than offset lower volumes due to planned customer outages, and the impact of the PUI business exit.

Electronics and performance materials sales of $592 million increased 8 percent in the quarter versus prior year, driven by 9 percent higher volumes. Electronics sales improved 6 percent primarily due to higher sales of delivery systems. Performance materials sales increased 10 percent versus prior year with growth across all product lines and all major regions.

Equipment and energy sales of $110 million decreased 11 percent versus the prior-year quarter.

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