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AIR PRODUCTS' SECOND QUARTER PROFIT UP 11 PERCENT BEFORE DEBT RETIREMENT CHARGE

 AIR PRODUCTS' SECOND QUARTER PROFIT UP 11 PERCENT
 BEFORE DEBT RETIREMENT CHARGE
 ALLENTOWN, Pa., April 22 /PRNewswire/ -- Air Products and Chemicals, Inc. (NYSE: APD) today reported income before extraordinary item of $73 million, or $0.65 per share, for the second quarter ended March 31, 1992, an increase of 11 percent compared to $66 million, or $0.59 per share, earned in the year-ago quarter.
 Net income in the current quarter, after an extraordinary charge of $6 million due to the retirement of 11-3/8 percent debentures, equaled $67 million, or $0.60 per share. Sales in the current quarter rose 5 percent to $793 million compared to $755 million in last year's second quarter. Earnings per share figures reflect a two-for-one stock split which occurred during this year's second quarter.
 Excluding the extraordinary charge and special items, Air Products' income increased 14 percent over the prior-year quarter. In commenting on the strength of the company's operating results, Chairman Dexter F. Baker said, "We had a record second quarter as each of our business segments achieved higher profits. In the United States, broad volume increases in both gases and chemicals reflected a modest strengthening of the U.S. economy."
 In the second quarter, operating income in industrial gases increased 6 percent and sales were about equal to the second quarter of 1991. Merchant gas volumes increased significantly in the United States, while European merchant volumes were up modestly. Margins continued to improve versus last year's second quarter due principally to continued cost and productivity gains and higher merchant prices in Europe.
 In chemicals, second quarter sales increased 6 percent and operating income rose 8 percent compared to last year. Volumes strengthened in virtually all major product lines, particularly polymer emulsions.
 The environmental and energy systems business was profitable in the second quarter reflecting continued strong operations at the waste-to- energy and cogeneration facilities of the company's affiliates. The results also reflect an equipment sale related to a flue gas desulfurization facility and improvement in landfill gas operations.
 The Equipment and Technology segment reported substantially higher sales and operating income in the second quarter compared to the year- ago quarter. These results reflected higher global demand for the company's liquefied natural gas and gas separation equipment, including noncryogenic equipment marketed by Air Products' Permea subsidiary.
 For the first half of fiscal 1992, Air Products' income before extraordinary item was $138 million, or $1.22 per share, compared to $126 million, or $1.13 per share, in the comparable period last year. Excluding special items and the extraordinary item, the company's profit in the first half of 1992 was up 13 percent compared to 1991. Sales for the first-half of 1992 were $1.6 billion versus $1.5 billion last year. As noted earlier, earnings per share figures reflect a two-for-one stock split in the second quarter of 1992.
 In summarizing the first half, Baker said, "Air Products' record sales and profits were based on strong performance in all of our businesses. Although European economies are softening, the prospect of continued economic growth in the U.S. encourages us to believe our 1992 earnings from operational activities may be modestly higher than our original estimate of $2.37 per share on a post-split basis."
 AIR PRODUCTS AND CHEMICALS, INC.
 Summary of Consolidated Financial Information
 (Unaudited, in millions, except earnings per-share amounts)
 Three months ended March 31 1992 1991
 Sales $ 793.3 $ 754.7
 Income Before Extraordinary Item 73.3 (A) 65.8 (C)
 Extraordinary Item (6.0)(B) ---
 Net Income 67.3 65.8
 Earnings Per Share
 Income Before Extraordinary Item .65 (A) .59 (C)(E)
 Extraordinary Item (.05)(B) ---
 Net Income .60 .59
 Six months ended March 31 1992 1991
 Sales $1,553.8 $1,479.3
 Income Before Extraordinary Item 137.5 (A) 126.4 (D)
 Extraordinary Item (6.0)(B) ---
 Net Income 131.5 126.4
 Earnings Per Share
 Income Before Extraordinary Item 1.22 (A) 1.13 (D)(E)
 Extraordinary Item (.05)(B) ---
 Net Income 1.17 1.13
 Average Shares Outstanding 112.8 111.7 (E)
 (A) Includes an after tax gain of $2.6 million, or $.02 per share, from the sale of land by an equity affiliate.
 (B) Early extinguishment of 11-3/8 percent debentures.
 (C) Includes an after tax gain of $3.8 million or $.03 per share from the settlement of certain pension obligations.
 (D) Includes an after tax gain of $7.1 million or $.06 per share from the settlement of certain pension obligations.
 (E) Restated for the effects of a two-for-one stock split in March 1992.
 /delval/
 -0- 4/22/92
 /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


CC -- PH025 -- 1186 04/22/92 11:03 EDT
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Date:Apr 22, 1992
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