USA AirProducts reported revenue of $189 million during its fiscal second quarter, which ended March 31, implying a profit of 89 cents. Operating income decreased by 31% compared to the same period last year.Revenue in the second quarter reached $1.955 billion, with a 23% decrease in volumes caused by lower costs in natural gas and crude materials. Operating income reached US$260 million, showing a 31% drop from a year earlier.
John McGlade, CEO of the company said that "the unprecedented deterioration of manufacturing in the world continued in the second quarter, as producers extended their holiday closures. Unsurprisingly, we have seen weaker volumes, contributing to our decline in starting point for our fiscal year. However, we have been able to partially offset this decline with the cost and productivity benefits of our actions."
