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HIGHER FOURTH QUARTER RESULTS CONTRIBUTE TO RECORD YEAR AT AIR PRODUCTS

HIGHER FOURTH QUARTER RESULTS CONTRIBUTE TO RECORD YEAR AT AIR PRODUCTS
 ALLENTOWN, Pa., Oct. 21 /PRNewswire/ -- Air Products and Chemicals, Inc. (NYSE: APD) today reported higher sales and net income in the fourth quarter ended Sept. 30, 1992.
 Sales rose 14 percent to $839 million and net income increased to $71 million, or 63 cents per share, from $58 million, or 52 cents per share, last year. These results include an after-tax gain of $6.5 million, or 6 cents per share, from the sale of a one-half interest in a cogeneration project under construction in Florida.
 For fiscal 1992, Air Products income was $277 million, or $2.45 per share, before an extraordinary charge of $6 million, or 5 cents per share, from the early retirement of long-term debt. Excluding this charge and special items, the company's profit was up 13 percent over 1991.
 Reviewing fourth quarter results, Air Products' Chairman H.A. Wagner said, "Our overall results reflect increased worldwide volumes in industrial gases and chemicals and significantly higher profits in our environmental and energy and equipment businesses. Our profit growth continued despite a soft global economy."
 Industrial gas revenues in the fourth quarter increased 8 percent and operating income rose 5 percent on slightly higher worldwide volumes and improved merchant gas prices. Segment results were reduced by costs of a major program to streamline business practices and improve customer service and by an obsolete inventory write-off. Even with these charges, gas margins improved for the year.
 In chemicals, fourth quarter sales increased 7 percent while operating income declined substantially. Most major product lines achieved higher volumes; however, results were adversely affected by significantly higher natural gas costs and costs related to a planned maintenance turnaround at the Calvert City, Ky., polyvinyl alcohol (PVOH) plant. Operations at the new Pasadena, Texas PVOH plant continued to improve during the quarter.
 The environmental and energy systems business had its best quarter ever. Fourth quarter results were positive reflecting strong operations and profits from selling a one-half interest in a Florida cogeneration project.
 The Equipment and Technology segment reported substantially higher fourth quarter revenues and operating income compared to last year. Manufacturing activity involving liquefied natural gas and gas separation equipment continued at high rates during the quarter.
 Reviewing fiscal 1992, Wagner stated, "The strength and diversity of our product portfolio helped lead us to record sales and net income for the sixth consecutive year despite a weak economic picture in the U.S. and Europe. We continue to be optimistic about our future."
 Summary financial information follows:
 AIR PRODUCTS AND CHEMICALS, INC.
 SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
 (Unaudited)
 (In millions, except earnings per share)
 Three months ended Sept. 30 1992 1991
 Sales $838.8 $738.4
 Net Income 71.1 (A) 58.4
 Earnings Per Share .63 (A) .52 (E)
 12 months ended Sept. 30 1992 1991
 Sales $3,217.3 $2,931.1
 Income Before Extraordinary Item 277.0 (B) 248.9 (D)
 Extraordinary Item (6.0) (C) ---
 Net Income 271.0 248.9
 Earnings Per Share:
 Income Before Extraordinary Item 2.45 (B) 2.22 (D)(E)
 Extraordinary Item (0.05) (C) ---
 Net Income 2.40 2.22
 Average Shares Outstanding 113.0 111.9 (E)
 (A) Includes an after-tax gain of $6.5 million or $.06 per share from the sale of a one-half interest in the Orlando cogeneration project.
 (B) Includes an after-tax gain of $9.1 million or $.08 per share from the sale of a one-half interest in the Orlando cogeneration project and the sale of land by an equity affiliate.
 (C) Early retirement of 11-3/8 percent debentures.
 (D) Includes an after-tax gain of $14.1 million or $.12 per share from the settlement of certain pension obligations and the sale of a 50 percent equity position in a flue gas desulfurization project.
 (E) Restated for the effects of a two-for-one stock split in March 1992.
 /delval/
 -0- 10/21/92
 /CONTACT: Kevin J. Ramundo of Air Products and Chemicals, 215-481-4346/
 (APD) CO: Air Products and Chemicals, Inc. ST: Pennsylvania IN: CHM SU: ERN


MP -- PH008 -- 2721 10/21/92 09:25 EDT
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Date:Oct 21, 1992
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