Air Products and Chemicals Earnings: Right in Step with Expectations
S&P 500 (NYSE:SPY) component Air Products and Chemicals, Inc. (NYSE:APD) reported its results for the second quarter. Air Products and Chemicals, Inc. is a global supplier of gases and chemicals for industrial use. It provides customers in the technology, energy and healthcare sectors with a variety of services and solutions, including atmospheric gases and semiconductor materials.
Air Products and Chemicals Earnings Cheat Sheet for the Second Quarter
Results: Net income for Air Products and Chemicals, Inc. rose to $311.5 million ($1.39/share) vs. $252 million ($1.16/share) YoY. A rise of 23.6% from the year earlier quarter.
Revenue: Rose 11.2% to $2.5 billion YoY.
Actual vs. Wall St. Expectations: APD (NYSE:APD) fell right in step with the street’s estimates of $1.39/share.
Quoting Management: “For the quarter, we had strong growth with double-digit increases in both sales and earnings. This performance, along with our 18 percent dividend increase and $350 million share repurchase, reflects the strength of our business and our belief that shareholders should benefit directly from the improved operating performance of their company,” said John McGlade, chairman, president and chief executive officer.
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 12.1%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 15% from the year earlier quarter.
The company has now seen net income rise in three-straight quarters. In the first quarter, net income rose 6.7% and in the fourth quarter of the last fiscal year, the figure rose 11.6%.
Today’s Performance: Shares of Airgas (NYSE:ARG) are trading at $93.80 as of April 21, 2011 at 11:35 AM ET: