Air Products earnings flat

First quarter earnings were flat for Air Products and Chemicals.

The Trexlertown gas maker, the world’s largest hydrogen producer, said Tuesday net income for the fiscal first quarter ended Dec. 31 rose 1 percent compared to a year ago. It earned $292 million, or diluted earnings per share of $1.36, versus $296 million for the first quarter of 2011.

“As we expected, economic growth continued to slow this quarter, depressing volumes and limiting earnings growth,” Chief Executive Officer John McGlade said. “In spite of these economic head winds, we did improve our operating performance, while lowering costs and winning significant new tonnage contracts.”

Air Products is one of the Lehigh Valley’s two locally based Fortune 500 companies, and the region’s No. 3 employer, with 3,400 workers in the area. Worldwide, it has a total of 18,900 employees.

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