Air Products sees profit deflated
ALLENTOWN - Air Products' fiscal fourth-quarter net income sank 57 percent as costs tied to restructuring and exiting certain businesses outweighed revenue gains.
The Allentown company sells gases, chemicals and other equipment to industrial customers. (The company operates a facility in Hanover Twp. that produces equipment for the natural gas industry.)
As the company deals with slower global growth, its management is changing. Air Products said Friday that Vice President and Controller Scott Crocco, 48, would be its new CFO as Paul Huck, 62, plans to retire Feb. 28.
In the quarter that ended Sept. 30, Air Products & Chemicals Inc. earned $138.7 million, or 65 cents per share. That compares with earnings of $324.8 million, or $1.51 per share, in last year's quarter.