Air Products 3Q Sales Up 9% - Modern Distribution Management

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Air Products 3Q Sales Up 9%

Sales results for the gases manufacturer were dampened by its exit from the polyurethane intermediates business.

Air Products (NYSE: APD), Lehigh Valley, PA, reported sales for the third quarter ended June 30 of $2.5 billion, up 9 percent over the same period a year ago. Underlying sales declined 2 percent due to the announced exit of the polyurethane intermediates business.

Profit fell 5 percent to $288 million.

For the first nine months of the fiscal year, sales were $7.6 billion, up 8.4 percent over the prior year period. Profit fell 16.7 percent to $857.1 million.

Merchant Gases third-quarter sales of $1 billion increased 18 percent versus the prior year on stronger volumes and the Indura acquisition. Underlying sales increased 2 percent, primarily in the U.S. and Canada. Operating income of $165 million was flat versus prior year.

Tonnage Gases sales of $846 million in the third quarter increased 10 percent versus the prior year on higher energy pass-through, partially offset by lower PUI volumes. Operating income of $120 million decreased 11 percent versus prior year.

Electronics and Performance Materials sales of $566 million declined 6 percent versus prior year, primarily due to lower Electronics process materials volumes and equipment sales. Operating income of $87 million decreased 4 percent versus prior year on lower Electronics volumes and Performance Materials price and product mix.

Equipment and Energy sales of $104 million increased 9 percent versus prior year third quarter, primarily due to higher LNG project activity. Operating income of $16 million was up 63 percent versus prior year on the higher LNG project activity and lower development spending.

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