By Dean Seal

 

Air Products & Chemicals Inc. posted double-digit percentage growth in sales and earnings for its second quarter as higher volumes and pricing neutralized the impact of rising costs.

The provider of essential industrial gases and chemicals reported net income attributable to the company of $530.5 million for the quarter ended March 31, compared with $473.1 million in the same period a year ago.

Earnings met the expectations of analysts polled by FactSet at $2.38 a share, up 12% from last year.

Sales rose to $2.95 billion from $2.5 billion, beating FactSet analyst forecasts of $2.74 billion.

The Allentown, Pa.-based company said sales benefited from 8% higher volume, driven by new assets, hydrogen recovery and higher equipment sales. Air Products also saw 6% higher energy cost pass-through and 6% higher pricing, though it felt some drag down from unfavorable currency movements.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

May 05, 2022 06:47 ET (10:47 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Air Products and Chemicals (NYSE:APD)
Historical Stock Chart
From Jul 2022 to Aug 2022 Click Here for more Air Products and Chemicals Charts.
Air Products and Chemicals (NYSE:APD)
Historical Stock Chart
From Aug 2021 to Aug 2022 Click Here for more Air Products and Chemicals Charts.