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Air Products 2Q Profit Up 21% On Higher Volumes; Outlook Raised

DOW JONES NEWSWIRES Air Products & Chemicals Inc.'s (APD) fiscal second-quarter profit jumped 21% on higher sales volumes in its major segments and increased revenue from Asia. The results beat expectations. The industrial-gas maker also raised its current fiscal-year earnings outlook by 5 cents over its most recent February forecast to $5.65 to $5.75 a share. For the current quarter, Air Products projected a per-share profit between $1.42 and $1.47, bracketing the $1.45 estimate from analysts polled by Thomson Reuters. Air Products has posted expectation-beating results of late as its merchant gases business, its largest by revenue, grows on booming sales in Asia. Rising raw materials costs have forced the company to hike prices, but it still managed to raise its quarterly dividend 18% last month in a bid to return value to shareholders after the company's bruising attempt to take over rival Airgas Inc. (ARG). For the quarter ended March 31, Air Products reported a profit of $304.3 million, or $1.39 a share, up from $252 million, or $1.16 a share, a year earlier. The latest results included 2 cents a share in after-tax charges related to the failed Airgas bid. The company in January had predicted earnings of $1.36 to $1.40. Revenue rose 11% to $2.5 billion, ahead of Wall Street expectations of $2.43 billion. Operating margin widened to 16.8% from 15.1%. Sales in Air Products' merchant gases business rose 10% on higher volumes, especially in Asia. The company's tonnage gases segment, which sells hydrogen, synthesis gas and carbon monoxide to refineries and other large manufacturers, reported a 5.6% revenue increase. Sales in the electronics and performance materials segment surged 28% on higher volumes and pricing. Shares closed Wednesday at $93.72 and were inactive premarket. The stock has gained 22% over the past 12 months. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Airgas (ARG)
DateTimeHeadline
02/12/201617:26:32Statement of Changes in Beneficial Ownership (4)
02/12/201608:50:57Amended Statement of Ownership (sc 13g/a)
02/11/201614:24:45Additional Proxy Soliciting Materials (definitive) (defa14a)
02/10/201610:03:35Amended Statement of Ownership (sc 13g/a)
02/09/201613:39:36Statement of Ownership (sc 13g)
02/05/201617:01:31Proxy Statement (definitive) (def 14a)
02/05/201612:55:29Statement of Changes in Beneficial Ownership (4)
01/29/201612:15:40Amended Statement of Ownership (sc 13g/a)
01/29/201612:11:10Amended Statement of Ownership (sc 13g/a)
01/28/201607:39:08Current Report Filing (8-k)
01/28/201607:30:00Airgas Reports Fiscal 2016 Third Quarter Earnings
01/26/201616:47:32Current Report Filing (8-k)
01/26/201616:05:00Airgas Declares Regular Dividend for Third Quarter FY2016
01/26/201608:41:52Additional Proxy Soliciting Materials (definitive) (defa14a)
01/26/201608:30:00Update: Air Liquide’s Acquisition of Airgas on Track
01/22/201617:30:11Proxy Statement - Merger or Acquistion (definitive) (defm14a)
01/19/201607:30:00Airgas to Exhibit at the International Production and Processing...
01/12/201611:18:00Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit...
01/12/201608:47:55Niche Markets For Conversion of Liquid Gas to Eco-Friendly Hydrogen...
01/08/201616:59:23Proxy Soliciting Materials (revised) (prer14a)

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