Air Products Profit More Than Doubles

Industrial gas supplier Air Products, which has gone hostile in its bid for rival Airgas, said quarterly profit more than doubled as volume rose in key product categories.

For the fiscal third quarter ended June 30, the company reported net income of $243.2 million, or $1.19 per share, compared with $113.2 million, or 54 cents per share, in the year-ago period.

Excluding charges related to the Airgas bid, the Lehigh Valley, Pa.-based company earned $1.28 per share.
Analysts expected $1.27 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the estimate was comparable to the results. Revenue rose 14% to $2.25 billion. Analysts expected $2.29 billion.

For the fourth quarter, the company expects adjusted earnings of $1.27 to $1.33 per share. Analysts expect $1.33.

Airgas rejected Air Products' latest bid on Wednesday.