Lehigh Valley, Pennsylvania -- Air Products Electronics and Performance Materials business, which includes the company's polyurethane specialities business, has reported sales up 21 percent to $497 million for the third quarter ended 30 June 2010, compared to the same period last year.
Operating income increased 60 percent to $62 million, "mainly on higher volumes, which have recovered to pre-recession levels," the company said in a 22 July statement. Performance Materials volumes grew 26 percent against the prior year.
Air Products Performance Materials unit includes its PU specialities business -- isocyanates for spray polyureas, and Dabco and Polycat surfactants and catalysts.
Overall company sales were up 14 percent to $2252 million, compared to the same period last year. Operating income rose 22 percent to $374 million for the same periods.
"As the global economy recovers, we are well positioned to serve our broad customer base," said Air Products ceo John McGlade. "Our Tonnage, Merchant, and Electronics and Performance Materials businesses had significant increases in volume this quarter."
"We expect earnings growth to exceed 20 percent for fiscal 2010 and are on track to hit our margin goal of 17 percent in 2011," McGlade added. (RD)