Summary
Air Products & Chemicals, Inc. (APD) reported strong sales growth of 17% to $10.3 billion for fiscal year 2021, driven by higher energy cost pass-throughs, increased volumes, favorable currency impacts, and positive pricing. Despite a slight decrease in operating margin due to higher operating costs and energy cost pass-throughs, the company achieved a 10% increase in net income to $2.1 billion, demonstrating resilient performance amidst global challenges. The company's strategic focus on serving energy, environment, and emerging markets, particularly in hydrogen and gasification projects aimed at supporting the energy transition, positions it for future growth. Significant investments in new projects, including the Jazan gasification project, are underway. APD also continued its commitment to shareholder returns by increasing its quarterly dividend for the 39th consecutive year, reflecting confidence in its long-term financial health and growth prospects.
Financial Highlights
58 data points| Revenue | $10.32B |
| Cost of Revenue | $7.19B |
| Gross Profit | $3.14B |
| R&D Expenses | $93.50M |
| SG&A Expenses | $828.40M |
| Operating Income | $2.28B |
| Interest Expense | $141.80M |
| Net Income | $2.10B |
| EPS (Basic) | $9.47 |
| EPS (Diluted) | $9.43 |
| Shares Outstanding (Basic) | 221.60M |
| Shares Outstanding (Diluted) | 222.50M |
Key Highlights
- 1Sales increased by 17% to $10.3 billion in fiscal year 2021, driven by higher energy cost pass-throughs, volumes, currency, and pricing.
- 2Net income rose by 10% to $2.1 billion, demonstrating robust profitability.
- 3The company continues to invest in future growth, announcing several new gasification, carbon capture, and hydrogen projects aligned with the energy transition.
- 4APD increased its quarterly dividend by 12% to $1.50 per share, marking the 39th consecutive annual dividend increase.
- 5Operating income saw a modest increase of 2% to $2.3 billion, though operating margin decreased due to higher operating costs and energy cost pass-throughs.
- 6Adjusted EBITDA increased by 7% to $3.9 billion, reflecting operational performance.
- 7Capital expenditures were $2.55 billion, with a forward-looking guidance of $4.5-$5 billion for fiscal year 2022, indicating significant investment in growth opportunities, including the Jazan project.