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AIR PRODUCTS' FIRST QUARTER NET INCOME UP ON STRONG PERFORMANCE IN GASES AND CHEMICALS

 AIR PRODUCTS' FIRST QUARTER NET INCOME UP
 ON STRONG PERFORMANCE IN GASES AND CHEMICALS
 ALLENTOWN, Pa., Jan. 22 /PRNewswire/ -- Air Products and Chemicals, Inc. (NYSE: APD) reported net income of $64 million, or $1.14 per share, for the first quarter ended Dec. 31, 1991, compared to $61 million, or $1.09 per share, in the year-ago quarter.
 The current results represent a 12 percent increase in operating net income over last year's first quarter which included an after-tax gain of $3 million, or $.06 per share, from settling certain pension obligations. Sales in the current quarter rose 5 percent to $761 million.
 Commenting on these results, Air Products' Chairman Dexter F. Baker said, "Our first quarter reflects continued strong performance of our gases and chemicals businesses and demonstrates the strength and stability of our business portfolio in soft economic conditions."
 In the first quarter, sales in industrial gases rose 2 percent and operating income increased 9 percent on higher results in worldwide merchant and on-site businesses. Volumes increased, particularly in the United States, and liquid oxygen and nitrogen prices continued to improve. A stronger U.S. dollar adversely affected results.
 Sales in chemicals rose 2 percent in the first quarter while operating income increased 3 percent. Overall, volumes remained high in most product lines.
 In the environmental and energy systems business, strong operations continued at the four operating facilities of the company's waste-to- energy and cogeneration affiliates. This performance, however, was offset by write-offs of development expenses associated with two waste- to-energy projects which have been discontinued.
 The Equipment and Technology segment reported substantially higher sales and operating income, reflecting high global demand for the company's liquefied natural gas and gas separation equipment, including noncryogenic systems marketed by Air Products' Permea unit.
 Summarizing the first quarter, Baker said, "Air Products' excellent results provide a strong start to achieving our earnings expectations for fiscal 1992. Despite the uncertain direction of the worldwide economy, we continue to expect earnings per share from operational activities to increase to approximately $4.75 compared to the $4.32 per share Air Products earned on a comparable basis in 1991."
 AIR PRODUCTS AND CHEMICALS, INC.
 SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
 (Unaudited; In millions, except earnings per share)
 Three Months Ended Dec. 31 1991 1990
 Sales $ 760.5 $ 724.6
 Net Income 64.2 60.6 (A)
 Earnings Per Share $ 1.14 $ 1.09 (A)
 Average Shares Outstanding 56.3 55.8
 (A) Includes an after-tax gain of $3.3 million, or $.06 per share, from the settlement of certain pension obligations.
 /delval/
 -0- 1/22/92
 /CONTACT: Kevin J. Ramundo of Air Products and Chemicals, 215-481-4346/
 (APD) CO: Air Products and Chemicals, Inc. ST: Pennsylvania IN: SU: ERN


LJ -- PH010 -- 2150 01/22/92 10:04 EST
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Date:Jan 22, 1992
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