Air Products CEO to Focus on Performance, Not Sale

Air Products and Chemicals' new chief executive, Seifi Ghasemi, said he would aim to improve the operational performance of the company's businesses and generate cash before deciding on the sale of any unit.

Ghasemi, who was appointed to the top position at Air Products in June, successfully executed a number of deals as CEO of Rockwood Holdings, and financial analysts are looking for him to do the same at his new employer.

"Nothing is on sale right now," Ghasemi told a conference call to discuss results for the company's fiscal third quarter. "We are focused on improving performance of all of our businesses."

For Q3 2014, Air Products reported sales of $2.6 billion, up 3% year-on-year, driven by higher volumes across all business segments. Excluding the prior exit from the polyurethane intermediates business, underlying sales improved 4% on 3% higher volumes. The sequential gain against this year's second quarter was 2% on 4% higher volumes.

At $414 million, operating income increased 8% year-on-year. The operating margin improved 70 basis points to 15.7%, with positive volumes more than offsetting higher costs stemming primarily from maintenance outages. Adjusted EBITDA for the third quarter was $653 million, up 7% year-on-year and 6% sequentially.