Air Products’ fourth-quarter profit plummets following sale of Russia business

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By Will Feuer

Air Products & Chemicals Inc. reported higher sales for the fiscal fourth quarter, although profits fell, driven in part by the sale of the company’s Russian operations.

The Allentown, Pennsylvania-based supplier of essential industrial gases and chemicals reported net income attributable to the company of $583.1 million, or $2.62 per share, from $610.4 million, or $2.74 per share, a year earlier.

On an adjusted basis, earnings per share were $2.89. Analysts polled by FactSet had expected adjusted earnings of $2.76 per share.

Sales for the quarter ended September 30 increased from $2.84 billion to $3.57 billion, it said. Analysts had expected sales of $3.22 billion, according to FactSet.

The company said last quarter earnings were hit by a loss on the divestment of the Russia business and the impairment of two affiliates in the Asia segment. That cut earnings by 32 cents per share, the company said.

The company said prices and volume rose 8% and 9%, respectively. Volume growth, mainly in Asia and the Americas, was driven by new factories, the recovery of hydrogen and better demand from traders, the company said.


Write to Will Feuer at [email protected]

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