Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EP...( Access the Q1 earnings teleconferen...),Health

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LEHIGH VALLEY, Pa., Jan. 23 /PRNewswire-FirstCall/ -- Air Products (NYSE: APD) today reported net income of $264 million, or diluted earnings per share (EPS) of $1.19, for its fiscal first quarter ended December 31, 2007. Net income increased 15 percent, and diluted EPS increased 16 percent compared with the prior year.

These results include $0.03 of discontinued operations related to a previously announced definitive agreement to divest Air Products' interest in its polymers joint ventures to Wacker Chemie AG and the completed sale of the company's High Purity Process Chemicals (HPPC) business to KMG Chemicals during the quarter. On a continuing operations basis, net income increased 16 percent, and diluted EPS increased 17 percent.

First quarter revenues of $2,474 million were up nine percent from the prior year on higher volumes, improved pricing across most segments, and a weaker dollar. Operating income of $372 million was up 17 percent versus the prior year.

John McGlade, president and chief executive officer, said, "Our fiscal year is off to a great start, thanks to the dedication and commitment of our 22,000 employees worldwide. We delivered double-digit earnings growth and significant margin improvement during the quarter. This strong performance reflects the continued emphasis we have placed on delivering profitable growth through our global focus and relentless drive for productivity."
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