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SMALL BUSINESS
Air Products and Chemicals 4Q profit declines
AP
LEHIGH VALLEY, Pa. -Air Products and Chemicals Inc., which supplies oxygen and other gases to the industrial and medical sectors, on Wednesday said fiscal fourth-quarter earnings declined as sales slipped in all business segments.
Earnings for the quarter ended Sept. 30 declined to $243.9 million, or $1.13 per share, from $261.6 million, or $1.21 per share, last year.
During the most recent quarter, the company recorded 10 cents per share for a bankruptcy charge and costs to write-down assets. Results also included a penny per share in losses from discontinued operations.
Income from continuing operations fell to $246 million, or $1.14 per share, from $273.4 million, or $1.26 per share.
Revenue declined 22 percent to $2.13 billion from a year ago and declined in all business segments, especially in tonnage gases, where sales declined 32 percent.
Analysts polled by Thomson Reuters expected earnings of $1.12 per share and revenue of $2.1 billion.
For fiscal 2009, profit declined to $631.3 million, or $2.96 per share, compared with $909.7 million, or $4.15 per share, last year. Revenue slid 21 percent to $8.26 billion from $10.41 billion.
For the first quarter, the company expects earnings between $1.07 and $1.15 per share. Meanwhile, analysts expect a profit of $1.14 per share. For 2010, the company expects earnings between $4.65 and $4.90 per share, while Wall Street expects $4.76.
Shares of Air Products and Chemicals fell 72 cents to $82.52 in premarket trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-21 09:27:36
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