Air Products Posts Earnings Decline, but Beats Estimates

Air Products reported income from continuing operations of $189 million (87 cts/share) for its fiscal second quarter ended March 31, down 31% from the same period last year, but higher than the consensus of analysts’ estimates of 82 cts/share, as reported by Thomson Reuters (New York). Sales fell 23%, to $1.95 billion, on weaker volumes, unfavorable currency exchange rates, and lower natural gas and raw material cost pass-through. “The unprecedented deterioration in global manufacturing continued into our second quarter, as producers extended their...

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