Feb 6 (Reuters) - Industrial gases manufacturer Air

Products beat Wall Street's expectations for first

quarter profit on Thursday, as higher sales in key markets

helped offset an expensive boardroom battle.

The industrial gas giant, which produces helium and

hydrogen, recently emerged from a months-long boardroom battle,

absorbing a $29.9 million charge in the first quarter due to

related costs.

Earlier this week, activist investor Mantle Ridge

succeeded in replacing long-serving CEO, Seifi Ghasemi, with

Eduardo Menezes, a former executive from Air Products' rival,

Linde ( LIN ).

Higher sales in Asia and the Americas - two of its largest

segments, according to LSEG data - resulted in a 1.3% rise in

net income attributable to Air Products, coming in at $617.4

million in the first quarter.

In December, U.S. manufacturing showed positive signs of

recovery with increased production and new orders, boosting

demand for Air Products' services across various sectors such as

refining, chemicals, metals, electronics, manufacturing, and

food.

The Lehigh Valley, Pennsylvania-based company increased

its quarterly dividend to $1.79 per share, from $1.77 per share

previously and expects to return about $1.6 billion to

shareholders in 2025.

However, Air Products forecast second-quarter adjusted

profit between $2.75 per share and $2.85 per share, falling

short of analysts' expectations of $3.05 per share, according to

data compiled by LSEG.

The company marginally beat analysts' estimates for first

quarter adjusted profit at $2.85 per share.