Low Volumes, High Costs Weigh on Air Products Results

Air Products reported net income from continuing operations down 10%, to $246 million ($1.14/share), on sales down 22%, to $2.1 billion for its fiscal fourth-quarter ended September 30. Sales declined on lower energy and raw material cost pass-throughs, unfavorable currency exchange rates, and lower volumes in the merchant gases, and electronic and performance materials segments. Operating income declined 12%, to $328 million, on lower volumes and unfavorable currency exchange rates, partially offset by cost reduction actions. Sales and operating income rose...

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