Lehigh Valley, Pennsylvania - Air Products has reported a 10 percent drop in its chemical segment operating income for the second quarter of 2006 to $42 million.
The result in the chemical operation, which the company blamed on two customer shutdowns at its polyurethane intermediates businesses over the past year, is in contrast to a 10 percent rise in net income of $210 million for the entire group.
Air Products said better pricing offset weaker volumes in the chemical segment, leading to no change in the quarterly sales of $480 million from the same period last year.
Sales overall grew by 12 percent to $2320 million for the quarter.
Air Products president and chief executive John Jones expected ''double-digit'' sales and earnings growth for the year.