Air Products Now Expects Profit From Continuing Operations

The company will slash 1,300 jobs and take a fiscal first-quarter charge of $140 million to $160 million, or 43 cents to 50 cents per share, mostly for severance payments.

The company said the moves could reduce costs in fiscal 2009 by about $50 million, with savings of $110 million in fiscal 2010 and beyond. Shares rose $1.88, or 3.9 percent, to close at $50.42 Tuesday.

Trexlertown, Pa.-based Air Products now expects profit from continuing operations between 95 cents and $1 per share for the quarter ending Dec. 31, down from prior guidance of $1.15 to $1.21 per share. Analysts polled by Thomson Reuters expect profit of $1.08 per share, on average.

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