The 2020 Mid-Year Economic Update_long

Air Products Sales Up 2.5% in FY2014

Fourth-quarter sales improve 3.5 percent year over year.

Air Products (NYSE: APD), Lehigh Valley, PA, reported sales for fiscal 2014 were $10.4 billion, an increase of 2.5 percent compared to the same period a year ago, largely on higher volumes in merchant gases, and electronics and performance materials. Profit decreased 0.3 percent to $991.7 million.

For the quarter, merchant gases sales of $1.1 billion increased 3 percent versus prior year on higher volumes and improved pricing. Operating income of $186 million increased 5 percent versus prior year, largely due to higher volumes and improved pricing.

Tonnage gases sales of $806 million decreased 4 percent versus the prior year mostly due to exiting the PUI business. Excluding the impact of the PUI exit, volumes were down 1 percent, on lower Europe sales. Operating income of $138 million was up 10 percent versus prior year due to lower costs.

Electronics and performance materials sales of $660 million were up 14 percent versus prior year. Operating income of $128 million increased 33 percent, primarily due to volume growth and strong cost performance.

Equipment and energy sales of $125 million were up 6 percent versus prior year. Operating income of $27 million increased 34 percent versus prior year due to higher LNG project activity.

Fourth-quarter sales for Air Products were $2.7 billion, an increase of 3.5 percent compared to the same period a year ago. Profit for the fourth quarter decreased 24.1 percent to $137.1 million.

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