Air Products has reported financial results for the third fiscal quarter of 2014, noting a 3% year-on-year increase in sales.
The company’s third quarter results were led by strong performance in Merchant Gases, and Electronics and Performance Materials. For the quarter ended 30 June, net income was US$ 314 million, up 9% compared to the same period last year.
Third quarter sales of US$ 2635 million increased 3% versus 2013, driven by higher volumes across all business segments. Operating income of US$ 414 million increased 8% year-on-year, largely on higher volumes in Electronics and Performance Materials, and better pricing in Merchant Gases.
Adjusted EBITDA for the third quarter was US$ 653 million, an increase of 7% compared to the same period in 2013.
- Air Products signed a third floating LNG project in the third fiscal quarter.
- Equipment and Energy sales of US$ 104 million increased 1%, while operating income of US$ 17 million increased 9% year-on-year, driven largely by LNG project activity.
- The sales backlog of US$ 584 million increased 78% versus 2013 on several new large orders.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23072014/air-products-quarterly-results-driven-by-lng-activity-1053/