Air Products’ Earnings Rise on Improved Volumes

Air Products reported net income of $296 million in its fiscal first quarter ended December 31, 2010, up 17% from the year-ago period, excluding a $27-million after-tax charge related to its proposed acquisition of Airgas. Earnings were a penny per share above the consensus of analysts’ estimates of $1.34/share, as reported by Thomson One (New York). Sales rose 10%, to $2.4 billion, on higher sales across all segments. Merchant gases income rose 6%, to $201 million, on higher volumes, particularly in Asia, as well as improved selling prices. In tonnage...

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