Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EP... ( income of $14 million increased 45 pe...)

Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EPS Guidance

Date:1/23/2008

> income of $14 million increased 45 percent over the prior year, driven

by volume growth and lower costs in Europe.

Outlook

McGlade said, "Economic activity through the first quarter of this year is tracking in line with our expectations. Looking forward, we expect high bidding activity and solid demand from our customers, who rely on our products and services to improve energy efficiency, plant productivity, product quality and environmental performance.

"We believe the actions we have taken over the past few years have transformed us into a high performing company that is positioned to produce strong results in a slowing economic environment. Our focus on growth markets and geographies, productivity and streamlined operations, combined with a robust backlog of projects, should allow us to consistently deliver higher growth and higher returns in both the short and long-term.

"We are now expecting 15 to 19 percent* year-on-year earnings growth and, therefore, are raising our guidance."

The EPS guidance provided at the end of fiscal 2007 was $4.80 to $5.00, which included $0.17 of income for polymers for the full year and a $0.07 charge for pension settlements. Excluding these items, the underlying guidance was $4.70 to $4.90. On the same basis, the company is now forecasting a range of $4.85 to $5.00 for the year and $1.17 to $1.21 for the fiscal second quarter.

Annual Meeting of Shareholders

Air Products will host its Annual Meeting of Shareholders on Thursday, January 24, 2008 at 2:00 p.m. EST. Access the audio Webcast at: http://www.airproducts.com/Invest/shareholdersvcs/annualmeeting_materials.htm.

Air Products (NYSE:

0

GOOD

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Air Products Reports Q1 EPS Up 16% on Volume Growth and Improved Margins; Raises 2008 Full Year EP...( income of $14 million increased 45 pe...),Health