Engineering News

Air Products raises year view on better quarter
Wed Jan 26, 2005 07:26 AM ET
(Recasts, adds details)

NEW YORK, Jan 26 (Reuters) - Air Products and Chemicals Inc. , which supplies gas to manufacturers and the health-care industry, on Wednesday posted higher quarterly profit on solid volume gains and raised its fiscal-year forecast.

Net income rose to $167 million, or 72 cents per share, in the first quarter ended Dec. 31 from $132 million, or 58 cents a share, a year earlier.

Analysts on average had expected earnings of 68 cents a share, according to Reuters Estimates.

The Leigh Valley, Pennsylvania, company said quarterly revenue rose 18 percent to $1.99 billion on strong volumes across its gas and chemical businesses.

Higher costs for raw materials and productivity initiatives partly offset the volume increases, favorable currency effects and productivity gains.

The company raised its outlook for the fiscal year based on its improved first-quarter performance.

It said it now expects to earn between $2.95 and $3.15 a share in fiscal 2005, up from an earlier forecast of $2.90 to $3.10, with second quarter earnings of between 73 cents and 78 cents.

Analysts on average expected earnings of $3.06 per share for the year and 75 cents for the second quarter, according to Reuters Estimates.

(Reporting by Belinda Goldsmith, editing by Lisa Von Ahn; Reuters Messaging: belinda.goldsmith.reuters.com@reuters.net; +646 223 6016; belinda.goldsmith@reuters.com))

Source: Reuters.

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