Summary
In fiscal year 2011, Air Products & Chemicals, Inc. (APD) demonstrated robust sales growth, driven by volume increases across its key segments, particularly Electronics and Performance Materials, and Tonnage Gases, with notable expansion in Asia for Merchant Gases. The company reported a 12% increase in sales to $10.1 billion, accompanied by a 17% rise in operating income. Management highlighted strong operational performance in the first half of the year, though economic slowdown in the latter half presented challenges. APD also returned capital to shareholders through share repurchases and increased its quarterly dividend, marking the 29th consecutive year of dividend increases. The company's outlook for 2012 anticipated varied economic growth across regions but expected earnings improvement from new plant startups and productivity initiatives, offset by increased pension expenses and a higher tax rate.
Financial Highlights
56 data points| Revenue | $9.67B |
| Cost of Revenue | $7.10B |
| Gross Profit | $2.58B |
| R&D Expenses | $118.80M |
| SG&A Expenses | $941.70M |
| Operating Income | $1.51B |
| Interest Expense | $115.50M |
| Net Income | $1.22B |
| EPS (Basic) | $5.75 |
| EPS (Diluted) | $5.63 |
| Shares Outstanding (Basic) | 213.00M |
| Shares Outstanding (Diluted) | 217.60M |
Key Highlights
- 1Sales increased by 12% to $10.1 billion in FY2011, driven by volume growth across key segments.
- 2Operating income saw a 17% increase, with non-GAAP operating income up 13%, reflecting improved performance in Electronics and Performance Materials, and Tonnage Gases.
- 3Diluted earnings per share from continuing operations increased by 18% to $5.59.
- 4Capital expenditures rose by 24% to $1.4 billion, primarily for new customer contracts.
- 5The company completed its prior $1 billion share repurchase program and authorized a new $1 billion program.
- 6Quarterly dividends were increased by 18% to $0.58 per share, continuing a 29-year streak of annual dividend increases.
- 7Merchant Gases segment showed strong growth in Asia, contributing to a 10% sales increase for the segment.