Air Products’ Income Tumbles on Lower Demand, Unfavorable Exchange Rates

Air Products reported net income of $69 million (32 cts/share) for its fiscal first quarter ended December 31, 2008, down 74% from the same period last year. Excluding a 55 cts/share restructuring charge and a 10/share loss from discontinued operations, earnings were 97 cts/share, down 18% from the prior year and in line with the consensus of analysts’ estimates as reported by First Call (Boston). Sales fell 9%, to $2.19 billion. “Over the quarter, we saw further deterioration in business conditions, resulting in one of the weakest economic...

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