By Will Feuer

Air Products & Chemicals Inc. posted higher sales for the fiscal fourth quarter, though profit fell, dragged down partially by the sale of the company's Russia business.

The Allentown, Pa.-based provider of essential industrial gasses and chemicals posted net income attributable to the company of $583.1 million, or $2.62 a share, compared with $610.4 million, or $2.74 a share, a year earlier.

On an adjusted basis, per-share earnings were $2.89. Analysts polled by FactSet were expecting adjusted earnings of $2.76 a share.

Sales for the quarter ended Sept. 30 grew to $3.57 billion from $2.84 billion, it said. Analysts had expected sales of $3.22 billion, according to FactSet.

The company said earnings in the recent quarter were hit by a loss on the divestiture of the Russia business and the impairment of two equity affiliates in the Asia segment. That reduced earnings by 32 cents a share, the company said.

The company said prices and volume rose 8% and 9%, respectively. Volume growth, primarily in Asia and the Americas, was driven by new plants, recovery in hydrogen and better merchant demand, the company said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

November 03, 2022 06:30 ET (10:30 GMT)

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