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Wednesday, April 22, 2009

Air Products(APD) profit, revenue fall in fiscal 2Q, cuts fiscal year outlook

Air Products(APD) on Wednesday said second-quarter net income fell to $205.6 million, or 97 cents a share, from $314.3 million, or $1.43 a share, in the same period last year. The Lehigh Valley, Pa.-based firm said income from continuing operations fell to $189.3 million, or 89 cents a share, from $259.8 million, or $1.18 a share, a year ago. Consensus expectations were for earnings of 83 cents a share, according to a FactSet survey of analysts.

Air Products said it expects third-quarter earnings from continuing operations of 93 cents to $1.02 a share and full-year earnings of $3.85 to $4.05. Consensus expectations were for full-year earnings of $4.06 a share. Given a lack of "economic momentum," the company said it continues to look at additional cost actions that could result in a charge in its fiscal third quarter.

Disclosure I am long APD shares.

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