Air Products and Chemicals Inc. posted a 29% profit increase of $580.9 million in the second quarter, despite an 8% decrease in sales, the company said April 30.
The company’s net income rose primarily due to lower costs and positive pricing. Sales dropped to $2.93 billion due to lower energy cost pass-through to customers of 6%, lower volumes of 2%, and an unfavorable impact from currency of 1%.
Sales in all regions dropped, with an 11% decline in Europe due to lower volumes and energy cost pass-through of 6% each and 1% lower pricing. In the Americas, sales dropped 9% versus the prior year due.
In Asia,sales declined 4% to $780 million due to unfavorable currency and lower volumes.
Middle East and India equity affiliates' income of $74 million decreased 25% compared to the prior year, primarily due to higher interest expense and other operating costs.
"We are confident that with cost discipline, focus on pricing, and execution across the business, we will continue to create shareholder value and deliver our commitments," said Air Products CEO Seifi Ghasemi. "We also are solidifying our energy transition leadership as we continue to execute our strategic portfolio of low- and zero-carbon hydrogen projects around the world.”
