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Air Products fiscal 2Q profit slips 2 percent

By 69 News & Associated Press, (follow: @69news), news@wfmz.com
Published On: Apr 24 2013 06:56:29 AM CDT
Updated On: Apr 24 2013 06:57:09 AM CDT

ALLENTOWN, Pa. -

Air Products' second-quarter earnings slipped 2 percent and the company tempered growth expectations for the remainder of the year after seeing weaker than expected sales volumes.

The Allentown-based company, which sells gases, chemicals and other equipment to industrial customers, says it now expects fiscal 2013 earnings to range from $5.45 to $5.60 per share, which is down from its January forecast for earnings of $5.70 to $5.90 per share.

According to FactSet, analysts had expected earnings of $5.76 per share.

Chairman and CEO John McGlade says the company was challenged by slower economic growth in the United States, contraction in Europe, softness in China and a much weaker electronics market than Air Products had expected