Air Products' first-quarter income tumbles.(Air Products and Chemicals Inc.)(Financial report)(Brief article)

Air Products reported net income of $69 million (32 cts/share) for its fiscal first quarter ended December 31, 2008, down 74% from the same period last year. Earnings were 97 cts/share, excluding a 55 cts/share restructuring charge and a 10 cts/share loss from discontinued operations. Operating income of $288 million was down 24% from the prior year. Earnings were in line with the consensus of analysts' estimates as reported by Thomson Reuters (New York). Sales fell 9%, to $2.19 billion. "Over the quarter, we saw further deterioration in business conditions, resulting in one of the weakest economic environments we've ever seen," says John McGlade, chairman and CEO. Operating …