Air Products & Chemicals 2Q Profit Jumps With Higher Volumes
May 05 2022 - 7:02AM
Dow Jones News
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)
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