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Air Products' 1st quarter results top analysts' expectations

By 69 News & Associated Press, (follow: @69news), news@wfmz.com
Published On: Jan 24 2013 12:04:55 PM CST

TREXLERTOWN, Pa. -

Lehigh County-based Air Products, which sells gases, chemicals and other equipment to industrial customers, says its fiscal first-quarter net income climbed 12 percent, with sales rising across its business segments.

The company's results beat Wall Street's expectations, and Air Products boosted its fiscal 2013 earnings forecast.

The company, with headquarters in Trexlertown,  earned $278.3 million, or $1.31 per share, for the three months ended December 31st. That compares with $248.1 million, or $1.16 per share, in the prior-year period.

Earnings from continuing operations were $1.30 per share. Analysts surveyed by FactSet expected $1.29 per share.

Revenue increased 10 percent to $2.56 billion, driven by acquisitions and higher volumes in tonnage gases. Wall Street forecast $2.48 billion.