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APD · Air Products & Chemicals, Inc.

50 filings

10-Q

APD 10-Q Quarterly Reports

Air Products & Chemicals, Inc. - 50 quarterly reports

Filing record · 2016–202610-K1010-Q338-K123

APD filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 123 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’17Jan ’17
  2. FY2018 annual report10-K · Nov ’18Nov ’18
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Aug ’25Aug ’25
  1. 2026-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2026

    Air Products & Chemicals, Inc. reported a significant loss in the third quarter of fiscal year 2026, primarily driven by substantial charges related to project exit decisions, amounting to $2.9 billion pre-tax. This impacted the operating income, resulting in a significant loss for the quarter. Despite this, the company's sales increased by 5% year-over-year, driven by higher volumes and pricing across its segments, with favorable currency movements also contributing. The nine-month period also showed an improvement in operating loss compared to the prior year, again largely due to a reduction in the magnitude of business and asset action charges, alongside operational improvements. Excluding these significant one-time charges, the company's underlying operational performance remained resilient. Adjusted operating income and adjusted earnings per share showed year-over-year growth for both the quarter and the nine-month period, indicating strength in core operations. Management is focused on managing costs and strategic capital allocation, with a stated expectation of returning approximately $1.6 billion to shareholders in dividends for fiscal year 2026, demonstrating continued commitment to shareholder returns despite the reported net loss.

    Jul 30, 2026
  2. 2026-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2026

    Air Products & Chemicals, Inc. (APD) reported a strong rebound in its financial performance for the three and six months ended March 31, 2026. Sales increased significantly compared to the prior year, driven by higher volumes, favorable currency movements, and increased energy cost pass-throughs. The company has moved from a substantial operating loss in the prior year, largely due to significant business and asset action charges, to robust operating income and improved operating margins. This turnaround reflects operational improvements and the successful resolution of prior-year restructuring activities. Profitability per share also saw a dramatic improvement, with both basic and diluted earnings per share significantly exceeding the prior year's loss. The company continues to manage its capital effectively, with a focus on strategic investments and returning value to shareholders through dividends. Despite some ongoing project-related costs, the overall financial health and operational execution appear positive, positioning APD for continued performance in the industrial gases sector.

    Apr 30, 2026
  3. 2026-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2025

    Air Products & Chemicals, Inc. (APD) reported a strong first quarter for fiscal year 2026, with net income attributable to Air Products increasing by 10% to $678.2 million, or $3.04 per diluted share, compared to $617.4 million, or $2.77 per diluted share, in the prior year. This growth was driven by a 6% increase in sales, reaching $3.1 billion, attributed to higher energy cost pass-throughs, favorable currency movements, and improved pricing for non-helium products. The company demonstrated effective cost management, with cost of sales increasing at a slightly lower rate than sales and a reduction in selling and administrative expenses as a percentage of sales. The company continued to make progress on its strategic initiatives, including investments in clean energy. The NEOM Green Hydrogen Project remains a significant undertaking, with ongoing project financing draws. Management also highlighted ongoing cost reduction efforts and a continued commitment to returning capital to shareholders through dividends, with a recent increase approved. While the company faced some headwinds such as lower helium demand and the impact of a prior year non-recurring helium sale, overall performance indicates a positive start to the fiscal year.

    Jan 30, 2026
  4. 2025-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2025

    Air Products & Chemicals, Inc. (APD) reported mixed financial results for the third quarter and nine months ended June 30, 2025. While the company saw a modest increase in quarterly sales driven by higher energy cost pass-through and pricing, overall profitability for the nine-month period was significantly impacted by substantial business and asset action charges totaling $3 billion. For the third quarter, net income attributable to Air Products increased by 2% to $713.8 million, or $3.20 per share, reflecting gains from business and asset sales and improved pricing. However, the nine-month period resulted in a net loss of $399.4 million, a stark contrast to the significant profit in the prior year, largely due to the aforementioned restructuring and project exit costs. Investors should note the significant impact of these one-time charges on the year-to-date performance, while recognizing the underlying operational resilience demonstrated in the quarterly results.

    Jul 31, 2025
  5. 2025-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2025

    Air Products & Chemicals, Inc. (APD) reported a significant net loss of $1.73 billion for the three months ended March 31, 2025, a stark contrast to the $572.4 million net income in the prior year. This substantial swing is largely attributable to a substantial charge of $2.9 billion related to business and asset actions, including project exits and cost reductions. Excluding these significant charges, the company's adjusted earnings per share of $2.69 for the quarter demonstrated operational resilience, though it was slightly down from $2.85 in the prior year. Despite the headline net loss, sales remained relatively stable, decreasing slightly by 0.5% to $2.92 billion, supported by higher energy cost pass-throughs and pricing, which offset volume declines. The company's liquidity remains solid, with cash provided by operating activities for the six-month period totaling $1.14 billion. Investors should note the strategic decision to exit various clean energy projects and ongoing cost reduction efforts, which are expected to yield future savings. The company also reiterated its commitment to shareholder returns, planning to return approximately $1.6 billion to shareholders in 2025 through dividends and share repurchases.

    May 1, 2025
  6. 2025-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2024

    Air Products & Chemicals, Inc. (APD) reported its first quarter fiscal year 2025 results, with net income attributable to Air Products increasing by 1% to $617.4 million, or $2.77 per diluted share, compared to $609.3 million, or $2.73 per diluted share, in the prior year. The company saw a slight 2% decrease in sales to $2.93 billion, primarily due to the divestiture of its LNG business and currency headwinds, though this was partially offset by favorable pricing and a significant non-recurring helium sale in the Americas. Despite a challenging revenue environment influenced by macroeconomic factors and prior year divestitures, Air Products demonstrated resilience through effective cost management and pricing strategies. Notably, the company incurred $29.9 million in shareholder activism costs, impacting operating income, but managed to improve its adjusted EBITDA margin to 40.6%. Strategic investments continue, particularly in clean energy projects like the NEOM Green Hydrogen Project, reflected in increased capital expenditures. The company also reaffirmed its commitment to shareholder returns, planning to return approximately $1.6 billion to shareholders in 2025 through dividends and share repurchases, and announced a 43rd consecutive year of dividend increases.

    Feb 6, 2025
  7. 2024-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2024

    Air Products & Chemicals, Inc. reported solid financial results for the third quarter and first nine months of fiscal year 2024. Revenue saw a slight decrease compared to the prior year, primarily driven by lower energy cost pass-throughs and unfavorable currency impacts, though this was partially offset by higher pricing. Despite the revenue dip, operating income and net income both showed significant year-over-year growth, demonstrating improved profitability due to favorable pricing, business mix, and strategic cost management, including the lapping of prior year business and asset action charges. Key financial health indicators remain strong, with continued investment in growth projects, particularly through significant capital expenditures and debt issuance, including green bonds. The company also announced the planned divestiture of its LNG process technology and equipment business, expected to close by the end of the calendar year 2024, which is anticipated to generate substantial cash proceeds. Air Products continues to focus on strategic initiatives and operational efficiency to drive shareholder value.

    Aug 1, 2024
  8. 2024-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2024

    Air Products & Chemicals, Inc. reported solid financial results for the second quarter and first six months of fiscal year 2024, demonstrating resilience despite some top-line pressures. While total sales saw a decrease primarily due to lower energy cost pass-throughs and some volume softness, the company achieved significant operating income growth driven by effective cost management and improved pricing. This operational efficiency translated into substantial increases in net income and diluted earnings per share, even when excluding the impact of business and asset actions. Key to the company's performance was a strong focus on operational excellence and strategic cost controls, which helped to bolster margins and profitability. Significant investments continue to be made in growth projects, evidenced by substantial capital expenditures and a robust financing strategy, including the issuance of green bonds. The company also demonstrated its commitment to shareholder returns through a continued increase in its quarterly dividend, underscoring financial strength and confidence in future prospects.

    Apr 30, 2024
  9. 2024-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2023

    Air Products & Chemicals, Inc. reported its first quarter fiscal year 2024 results, demonstrating resilience and growth despite a decrease in overall sales due to lower energy cost pass-through. Net income attributable to Air Products increased by 6% to $609.3 million, or $2.73 per diluted share, compared to the prior year. This growth was primarily driven by a significant 44% increase in income from equity affiliates, higher volumes, and favorable pricing, which more than offset increased operating costs and a substantial decrease in energy cost pass-through. The company also reported a strong increase in Adjusted EBITDA by 8% and an expansion in Adjusted EBITDA margin by 510 basis points, highlighting improved operational efficiency and profitability. Investment in future growth remains a key focus, as evidenced by a substantial increase in capital expenditures to $1.39 billion, primarily driven by investments in financing receivables and plant and equipment additions, including major projects like the NEOM Green Hydrogen Project. The company also continued its commitment to shareholders by increasing its quarterly dividend, underscoring its financial strength and confidence in its long-term strategy. Management's outlook remains positive, with expected capital expenditures for fiscal year 2024 projected between $5.0 billion and $5.5 billion.

    Feb 5, 2024
  10. 2023-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2023

    Air Products & Chemicals, Inc. (APD) reported third-quarter results with a slight decrease in sales to $3,033.9 million, down 5% year-over-year, primarily due to lower energy cost pass-through and currency headwinds, partially offset by pricing actions and volume growth. Despite lower sales, operating income saw a modest increase of 3% to $644.2 million, driven by improved operating margins. Net income attributable to Air Products rose by 4% to $595.6 million, resulting in diluted EPS of $2.67, a 2% increase. The company also highlighted a significant 12% increase in Adjusted EBITDA, demonstrating strong operational efficiency and profitability. For the nine-month period, sales increased by 3% to $9,408.7 million, with operating income up 3% to $1,756.0 million. However, net income attributable to Air Products saw a 2% decrease to $1,607.6 million, with diluted EPS at $7.22, down 4%. This decline in net income was largely influenced by a $244.6 million charge for business and asset actions, alongside higher non-service pension costs and other operational expenses. The company continues to invest heavily in growth projects, with capital expenditures totaling $4,084.5 million for the nine-month period. Management remains focused on strategic growth and cost optimization, evidenced by increased R&D spending and a consistent dividend payout, with the 41st consecutive annual dividend increase.

    Aug 3, 2023
  11. 2023-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2023

    Air Products & Chemicals, Inc. (APD) reported mixed financial results for the second quarter and first six months of fiscal year 2023. While sales showed a healthy increase driven by pricing and volume growth across most segments, net income declined year-over-year primarily due to a significant $185.6 million charge related to business and asset actions (withdrawal from projects in Indonesia and Ukraine). Despite this, the company demonstrated resilience with an increase in Adjusted EBITDA, highlighting operational efficiency and cost management. Key financial developments include a substantial increase in equity affiliates' income, largely driven by the Jazan Integrated Gasification and Power Company (JIGPC) joint venture. The company also continued its commitment to returning capital to shareholders, increasing its quarterly dividend for the 41st consecutive year. APD's strong balance sheet and cash flow generation remain robust, positioning it to navigate current economic conditions and fund future growth initiatives, including significant capital expenditures planned for fiscal year 2023.

    May 9, 2023
  12. 2023-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2022

    Air Products & Chemicals, Inc. (APD) reported a solid first quarter for fiscal year 2023, demonstrating resilience and strategic execution despite a challenging economic environment. The company saw a 6% increase in sales to $3.17 billion, driven by effective pricing strategies and higher energy cost pass-throughs, which more than offset unfavorable currency impacts. Operating income surged by 25% to $652 million, reflecting improved operating margins due to strong pricing actions. This performance underscores APD's ability to manage costs and translate market dynamics into profitability. Net income attributable to Air Products rose by 6% to $572.2 million, translating to diluted EPS of $2.57, a 2% increase year-over-year. The company's strong operational performance was supported by strategic investments, including progress on the Jazan Integrated Gasification and Power Company (JIGPC) project. Despite a decrease in equity affiliates' income, primarily due to a prior year benefit, the core business segments, particularly the Americas and Europe, showed robust operating income growth. APD's continued commitment to returning capital to shareholders is evident through its consistent dividend payments and a recent increase in the quarterly dividend.

    Feb 2, 2023
  13. 2022-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2022

    Air Products & Chemicals, Inc. (APD) reported strong revenue growth in the third quarter of fiscal year 2022, with sales increasing by 22% year-over-year to $3.19 billion. This growth was driven by a combination of higher energy cost pass-throughs, positive pricing actions, and increased volumes across various segments. The company also saw a significant increase in equity affiliates' income, largely due to the Jazan Integrated Gasification and Power Company (JIGPC) joint venture. Despite the robust top-line performance, operating income saw a more modest increase of 9%, with operating margins declining due to the impact of higher energy cost pass-throughs which increase sales but not operating income, alongside inflationary pressures and supply chain challenges. Net income increased by 10% to $587.1 million, resulting in diluted EPS of $2.62. The company also highlighted its commitment to shareholder returns by increasing its quarterly dividend for the 40th consecutive year.

    Aug 4, 2022
  14. 2022-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2022

    Air Products & Chemicals, Inc. (APD) reported robust financial results for the second quarter and first six months of fiscal year 2022, with significant year-over-year increases in sales driven by higher volumes, pricing, and energy cost pass-through. Despite facing inflationary pressures and supply chain challenges, the company demonstrated strong operational execution, leading to increased net income and diluted EPS. The Jazan Integrated Gasification and Power Company (JIGPC) joint venture significantly boosted equity affiliates' income, contributing substantially to the improved financial performance. While overall operating income remained relatively flat year-over-year for the six-month period, the company's strategic pricing actions helped offset rising energy and operating costs. APD also continued its commitment to shareholder returns by increasing its quarterly dividend for the 40th consecutive year. The company's balance sheet remains strong, with manageable debt levels and a focus on strategic capital allocation, including significant investments in joint ventures and capital expenditures. Looking ahead, APD is navigating a dynamic global environment, including geopolitical events and ongoing inflationary pressures. The company is focused on executing its growth strategy, delivering value to shareholders, and managing operational complexities while maintaining financial discipline.

    May 5, 2022
  15. 2022-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2021

    Air Products & Chemicals, Inc. (APD) reported strong sales growth in the first quarter of fiscal year 2022, driven by increased volumes and robust price increases, particularly in Europe, which benefited from energy cost pass-through mechanisms. Despite a significant increase in sales, operating income saw a slight decrease due to escalating energy and natural gas costs, which outpaced partial recovery through pricing actions and supply chain challenges. A substantial increase in equity affiliates' income, largely due to the Jazan Integrated Gasification and Power Company (JIGPC) joint venture, significantly boosted net income and diluted EPS, offsetting some of the pressure on operating margins. The company continued its commitment to shareholder returns through consistent dividend payments and maintained a strong balance sheet with manageable debt levels and ample liquidity.

    Feb 4, 2022
  16. 2021-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2021

    Air Products & Chemicals, Inc. (APD) reported solid performance for the nine months ended June 30, 2021, with a notable increase in sales driven by higher volumes, favorable currency movements, and effective pricing strategies. The company demonstrated resilience, with sales up 14% year-over-year to $7.48 billion. Net income attributable to Air Products rose by 4% to $1.49 billion. The company also continued its commitment to shareholders, increasing its quarterly dividend by 12%, marking the 39th consecutive year of dividend increases, underscoring a strong focus on shareholder returns. The company navigated a dynamic operating environment, including the ongoing impacts of the COVID-19 pandemic and Winter Storm Uri. Despite some cost pressures and unfavorable volume mix in certain segments, APD's diversified business model and strategic pricing actions helped mitigate these challenges. The company also completed a significant joint venture transaction, resulting in a gain, and maintained a strong balance sheet with a manageable debt-to-capitalization ratio.

    Aug 9, 2021
  17. 2021-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2021

    Air Products & Chemicals, Inc. (APD) reported its results for the second quarter and first six months of fiscal year 2021, ending March 31, 2021. The company demonstrated sales growth driven by price increases and favorable currency movements, with consolidated sales increasing by 13% year-over-year for the quarter and 9% for the six-month period. However, operating income and net income saw a slight decline compared to the prior year, primarily impacted by unfavorable volume mix, increased energy costs due to Winter Storm Uri, and a facility closure charge. Despite these headwinds, APD highlighted a 12% increase in its quarterly dividend, marking the 39th consecutive year of dividend increases, underscoring a commitment to returning value to shareholders.

    May 10, 2021
  18. 2021-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2020

    Air Products & Chemicals, Inc. (APD) reported results for the first quarter of fiscal year 2021, ending December 30, 2020. The company demonstrated resilience despite the ongoing COVID-19 pandemic, which management estimates had a negative impact of approximately $0.10-$0.15 per share. Sales increased by 5% year-over-year to $2,375.2 million, driven by favorable currency movements, pricing actions, and higher energy cost pass-throughs. However, operating income saw a slight decline of 4% to $539.1 million due to lower volumes and increased operating costs, partially offset by pricing improvements. Net income remained flat year-over-year at $486.7 million, with diluted EPS slightly decreasing by 1% to $2.12. The company highlighted strong performance in its Industrial Gases – EMEA segment with a 13% sales increase. Despite operational challenges, APD maintained its commitment to shareholders, increasing its quarterly dividend by 12% and demonstrating robust cash flow generation from operations, which increased by 16% to $774.7 million. The company continues to manage its capital effectively and maintain a strong balance sheet.

    Feb 4, 2021
  19. 2020-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2020

    Air Products & Chemicals, Inc. (APD) reported its financial results for the fiscal quarter and nine months ending June 30, 2020. The company experienced a decline in sales for both periods, largely attributed to the impacts of the COVID-19 pandemic, which reduced demand, particularly in the merchant business. Despite the sales decrease, operating income and net income saw mixed results. For the three months ended June 30, 2020, net income decreased by 9% compared to the prior year, while for the nine months ended June 30, 2020, net income increased by 11%. The company demonstrated resilience through effective cost management and pricing strategies that helped mitigate some of the negative volume impacts. APD also maintained a strong cash flow from operations and a solid liquidity position, further strengthened by a significant debt issuance during the quarter to fund growth projects. Key financial highlights include a 7% decrease in quarterly sales and an 11% increase in year-to-date net income. The company's effective tax rate remained relatively stable. Looking ahead, APD acknowledged the ongoing uncertainty related to COVID-19, which is expected to continue impacting results in the near term, but remains focused on operational execution and strategic growth initiatives. The company also continued its commitment to shareholders by increasing its quarterly dividend, marking the 38th consecutive year of dividend increases.

    Jul 23, 2020
  20. 2020-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2020

    Air Products & Chemicals, Inc. (APD) reported solid financial results for the second quarter and first six months of fiscal year 2020, ending March 31, 2020. The company demonstrated resilience despite the onset of the COVID-19 pandemic, which began impacting operations towards the end of the quarter. Sales increased modestly year-over-year, driven by higher volumes and pricing, partially offset by currency headwinds and lower energy cost pass-throughs. Profitability showed significant improvement, with operating income and net income both rising notably. This growth was bolstered by strong performance across most segments, particularly the Industrial Gases divisions, and a one-time gain from the relocation of the company's headquarters. Management highlighted increased dividends and a continued focus on strategic growth, even as they navigate the uncertainties presented by the global pandemic. The company provided updated risk factors related to COVID-19, emphasizing its potential impact on demand, operations, and financial access.

    Apr 23, 2020
  21. 2020-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2019

    Air Products & Chemicals, Inc. (APD) reported solid financial results for the quarter ended December 31, 2019, demonstrating year-over-year growth in key performance indicators. Sales increased by 1% to $2,254.7 million, driven by higher volumes and favorable pricing, although partially offset by lower energy cost pass-through and currency impacts. The company's operating income saw a significant jump of 23% to $561.0 million, reflecting improved pricing, higher volumes, and a favorable comparison to the prior year which included a facility closure charge. Net income attributable to Air Products rose by 37% to $475.6 million, resulting in diluted earnings per share of $2.14, a substantial increase from $1.57 in the prior year. The company also highlighted strong growth in its Industrial Gases segments, particularly in Asia, which experienced an 11% sales increase. The Americas and EMEA segments showed resilience with positive pricing and volume growth, despite some headwinds from energy cost pass-through and currency fluctuations. Air Products continues to focus on operational efficiency and strategic growth, as evidenced by its stable liquidity position and ongoing investment in capital expenditures.

    Jan 24, 2020
  22. 2019-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2019

    Air Products & Chemicals, Inc. (APD) reported its results for the fiscal third quarter and the first nine months ended June 30, 2019. For the third quarter, the company saw a 2% decrease in sales to $2,224.0 million compared to the prior year, primarily due to unfavorable currency impacts and a contract modification in India. Despite the sales dip, operating income rose by 10% to $569.7 million, driven by strong pricing and a gain on the exchange of equity affiliate investments. Diluted EPS increased by 13% to $2.20. For the first nine months, sales remained flat at $6,635.7 million, while operating income saw an 8% increase to $1,541.2 million. Net income attributable to Air Products significantly grew by 25% to $1,256.8 million, leading to a diluted EPS of $5.68, a 25% increase year-over-year. The company also highlighted a 5% increase in its quarterly dividend to $1.16 per share, marking the 37th consecutive year of dividend increases.

    Jul 25, 2019
  23. 2019-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2019

    Air Products & Chemicals, Inc. (APD) reported solid financial results for the quarter and six months ended March 31, 2019. Sales saw a modest increase driven by higher underlying volumes and pricing, partially offset by currency headwinds and a contract modification. Operating income and margins showed significant improvement, reflecting strong operational performance across key segments, particularly in Asia. The company also demonstrated continued financial strength through a 5% increase in its quarterly dividend, marking the 37th consecutive year of dividend growth. Key operational drivers included growth from new project onstreams, notably the Lu'An project in Asia, and positive base business growth. The company also made strategic acquisitions, including the purchase of ACP Europe SA, to expand its European footprint. While facing some challenges like unfavorable currency movements and a customer facility shutdown impacting a specific charge, APD's overall performance indicates resilience and a positive outlook.

    Apr 24, 2019
  24. 2019-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2018

    Air Products & Chemicals, Inc. (APD) reported solid financial results for the first quarter of fiscal year 2019, ending December 30, 2018. The company demonstrated strong operational performance with total sales remaining flat year-over-year at $2.22 billion, driven by a favorable mix of price increases and energy cost pass-throughs, which offset lower volumes and unfavorable currency impacts. Notably, income from continuing operations attributable to Air Products saw a significant increase of 123% to $347.5 million, or $1.57 per diluted share, reflecting improved operational efficiencies and favorable tax adjustments related to the U.S. Tax Cuts and Jobs Act. The company's performance was bolstered by growth in its Industrial Gases segments, particularly in the Americas and Asia. Adjusted EBITDA increased by 8% to $794.9 million, highlighting the underlying strength and operational leverage of the business. Despite a $29 million facility closure charge impacting reported operating income, the adjusted operating income saw a 5% increase, demonstrating resilient core business operations. APD's commitment to shareholder returns was evident through continued dividend payments and a substantial share repurchase authorization remaining. The company ended the quarter with a healthy liquidity position and maintained its financial flexibility.

    Jan 25, 2019
  25. 2018-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2018

    Air Products & Chemicals, Inc. reported a significant increase in net income attributable to the company for the nine months ended June 30, 2018, reaching $1,044.9 million, a substantial jump from $2,531.7 million in the prior year. This year-over-year decrease is primarily driven by a large gain from discontinued operations in the prior year. However, focusing on continuing operations, net income attributable to Air Products increased to $1,002.7 million for the nine months ended June 30, 2018, compared to $660.2 million in the same period last year, indicating strong underlying business performance. Sales also saw robust growth, increasing by 11% to $6,631.3 million for the nine months ended June 30, 2018, driven by higher volumes across all regional industrial gases segments and favorable currency impacts. The company demonstrated improved operating efficiency, with operating income increasing by 46% to $1,431.9 million and operating margin expanding by 520 basis points. This performance highlights the company's ability to generate higher profits from increased sales, with positive contributions from both operational improvements and strategic growth initiatives, including recent acquisitions.

    Jul 26, 2018
  26. 2018-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2018

    Air Products & Chemicals, Inc. (APD) reported a strong second quarter and first half of fiscal year 2018. Sales increased by 9% in the quarter and 13% year-to-date, driven by volume growth across its industrial gases segments and favorable currency impacts. The company demonstrated solid operational performance, with operating income increasing by 15% in the quarter and 27% year-to-date. Diluted EPS from continuing operations saw a significant boost of 36% year-over-year for the quarter. A notable development impacting the financial results was the U.S. Tax Cuts and Jobs Act (Tax Act) of 2017, which introduced a one-time tax expense related to deemed repatriation of foreign earnings. Despite this, the company's strategic focus on core industrial gases and robust operational execution led to increased profitability and a significant dividend increase, signaling confidence in future performance.

    Apr 26, 2018
  27. 2018-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2017

    Air Products & Chemicals, Inc. (APD) reported strong sales growth in the first quarter of fiscal year 2018, driven by a 15% increase in underlying sales driven by higher volumes across its regional industrial gases businesses and favorable currency impacts. Operating income saw a significant jump of 40%, indicating improved operational leverage and the lapping of prior-year business separation and cost reduction charges. However, net income attributable to Air Products declined by 48% year-over-year, primarily due to a substantial tax expense stemming from the U.S. Tax Cuts and Jobs Act, which included a deemed repatriation tax. Despite this one-time tax impact, the company's core industrial gases operations demonstrated robust performance, with growth in key segments like Asia and EMEA. Looking ahead, APD is navigating the effects of the new tax legislation, which has provisionally impacted its effective tax rate. The company continues to focus on underlying business growth, supported by new project onstreams and base business expansion. Investors should monitor the ongoing integration and implications of the tax reform, as well as the company's capital allocation strategy, including ongoing share repurchases and dividends, which remain a priority.

    Jan 26, 2018
  28. 2017-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2017

    Air Products & Chemicals, Inc. (APD) reported solid top-line growth in the third quarter and first nine months of fiscal year 2017, with sales increasing by 11% and 8% respectively, driven by higher volumes. However, profitability was significantly impacted by substantial non-cash impairment charges, including a $162.1 million goodwill and intangible asset impairment related to the Latin America region and a $79.5 million impairment of an equity investment in Saudi Arabia. These charges, along with business separation costs and cost reduction initiatives, led to a considerable decrease in reported operating income and net income from continuing operations. The company successfully completed the sale of its Performance Materials Division (PMD) in January 2017, generating significant cash proceeds and a substantial after-tax gain. The spin-off of Versum Materials was completed in the prior year. These divestitures align with APD's strategic focus on its core Industrial Gases businesses. Despite the reported profit decline, non-GAAP adjusted operating income and Adjusted EBITDA showed positive growth, indicating underlying operational strength. Investors should monitor the impact of ongoing cost reduction efforts and the performance of the core industrial gas segments, particularly in light of the significant impairment charges that have affected reported earnings.

    Aug 1, 2017
  29. 2017-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2017

    Air Products & Chemicals, Inc. (APD) reported a strong financial performance for the second quarter and first six months of fiscal year 2017, primarily driven by its core Industrial Gases segment. The company saw a significant increase in sales, a substantial portion of which was attributable to higher volumes and energy cost pass-throughs. A key driver of the reported net income was the substantial gain from the sale of its Performance Materials Division (PMD) to Evonik Industries AG. Operationally, the company's Industrial Gases segments across Americas, EMEA, and Asia demonstrated resilience, with growth in sales and operating income, albeit with some regional variations and currency headwinds impacting EMEA. The Industrial Gases – Global segment saw a significant surge in sales due to a large equipment contract. Despite overall positive trends, investors should note the impact of business separation costs and cost reduction initiatives, which, while strategic, affected short-term profitability. The company also highlighted its continued commitment to shareholder returns through a 10% increase in its quarterly dividend, marking its 35th consecutive annual increase.

    Apr 27, 2017
  30. 2017-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2016

    Air Products & Chemicals, Inc. (APD) reported its first quarter fiscal year 2017 results, ending December 30, 2016. The company experienced a slight increase in sales, up 1% to $1.88 billion, driven by higher volumes and energy cost pass-throughs, though partially offset by unfavorable currency impacts. However, operating income saw a notable decline of 12% to $328.1 million, and the operating margin compressed by 260 basis points. This decrease was largely attributed to significant business separation costs and cost reduction/asset actions, which collectively amounted to $80.2 million. On a non-GAAP basis, which excludes these items, operating income actually increased by 6% to $408.3 million, and operating margin improved, indicating underlying operational strength. The company's strategic divestitures continued, with the spin-off of Electronic Materials Division (EMD) completed on October 1, 2016, and the subsequent sale of Performance Materials Division (PMD) to Evonik Industries AG for $3.8 billion on January 3, 2017. These businesses are now presented as discontinued operations. The report also highlighted a $50 million charge related to cost reduction and asset actions, including the write-down of an air separation unit. Despite the GAAP operating income decline, management's focus on operational improvements and productivity actions, as reflected in the adjusted EBITDA growth, suggests a positive outlook for core industrial gas businesses.

    Jan 27, 2017
  31. 2016-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2016

    Air Products & Chemicals, Inc. (APD) reported its results for the quarter and nine months ended June 29, 2016. The company saw a modest decrease in sales for the quarter, primarily due to lower energy cost pass-through and unfavorable currency movements, although higher volumes provided some offset. Despite the sales dip, operating income and margin significantly improved, driven by strong cost performance and operational efficiencies. This profitability improvement extended to Adjusted EBITDA and diluted earnings per share on both GAAP and non-GAAP bases. The company is actively managing its portfolio, having entered into an agreement to sell its Performance Materials division and planning to spin off its Electronic Materials division as Versum Materials. Additionally, APD announced its exit from the Energy-from-Waste business, which resulted in a substantial loss recorded in discontinued operations for the nine-month period. Management is focused on its core Industrial Gases business and has demonstrated a commitment to shareholder returns through a 6% increase in its quarterly dividend, marking its 34th consecutive annual increase.

    Jul 29, 2016
  32. 2016-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2016

    Air Products & Chemicals, Inc. (APD) reported a net loss of $473.3 million for the three months ended March 31, 2016, a significant shift from the net income of $290.0 million in the prior year period. This loss was primarily driven by a substantial charge related to the discontinuation of its Energy-from-Waste (EfW) business, amounting to $846.6 million after tax. Excluding this significant item, income from continuing operations was robust, increasing by 30% to $379.8 million, with diluted earnings per share from continuing operations rising to $1.74 from $1.34 year-over-year. The company also demonstrated its commitment to shareholder returns by increasing its quarterly dividend by 6% to $0.86 per share, marking the 34th consecutive annual increase. Despite the reported net loss, the underlying operational performance appears strong, with solid growth in operating income and Adjusted EBITDA driven by cost management initiatives and favorable pricing.

    Apr 28, 2016
  33. 2016-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2015

    Air Products & Chemicals, Inc. (APD) reported its fiscal first quarter 2016 results for the period ending December 31, 2015. The company demonstrated solid operational performance with an 15% increase in operating income and a 12% increase in net income compared to the prior year. This growth was driven by a 2% increase in underlying sales, supported by higher volumes and pricing across several segments, notably in Asia and EMEA, which more than offset a 5% unfavorable currency impact and a 5% reduction from lower energy cost pass-throughs. Key strategic initiatives are underway, including the planned separation of its Materials Technologies business into an independent entity. While this process incurred $12 million in business separation costs, the company is progressing towards this significant structural change. Management highlighted strong operational cost performance, attributed partly to ongoing cost reduction initiatives, which significantly improved operating margins and Adjusted EBITDA margins across most reporting segments. Despite a challenging macroeconomic environment and currency headwinds, APD maintained a robust financial position, supported by strong cash flows from operations.

    Jan 29, 2016
  34. 2015-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2015

    Air Products & Chemicals, Inc. (APD) reported its financial results for the third quarter and the first nine months of fiscal year 2015, ending June 29, 2015. For the quarter, sales decreased by 6% to $2,470.2 million compared to the prior year, impacted by unfavorable currency movements and lower energy cost pass-throughs, though underlying sales showed a 4% increase driven by volume and pricing. Operating income saw a modest 2% increase to $422.5 million, with a notable improvement in operating margin. Net income attributable to Air Products rose slightly to $318.8 million, resulting in diluted EPS of $1.47. For the nine-month period, sales declined by 4% to $7,445.5 million. Despite this, operating income grew by 4% to $1,226.9 million, and net income attributable to Air Products increased by 6% to $933.4 million, with diluted EPS reaching $4.30. The company highlighted strong performance in its Industrial Gases – Asia and Materials Technologies segments, contributing to underlying sales growth. APD also continued its commitment to shareholder returns by increasing its quarterly dividend for the 33rd consecutive year.

    Jul 30, 2015
  35. 2015-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2015

    Air Products & Chemicals, Inc. (APD) reported its financial results for the fiscal second quarter and first six months ended March 31, 2015. For the quarter, net income attributable to Air Products increased slightly year-over-year to $290.0 million, or $1.33 per diluted share. However, a closer look reveals that the company incurred significant charges related to business restructuring and cost reduction actions, as well as a pension settlement loss, which masked underlying operational improvements. For the six-month period, net income attributable to Air Products saw a more robust increase to $614.6 million, or $2.83 per diluted share. The company highlighted growth in underlying sales driven by higher volumes in its Industrial Gases – Asia and Materials Technologies segments. Despite currency headwinds and lower energy cost pass-throughs, strong operational performance, particularly in the Americas and Asia industrial gas segments, contributed positively to results. Investors should note the ongoing impact of restructuring charges and the company's continued commitment to returning capital to shareholders through dividend increases.

    Apr 30, 2015
  36. 2015-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2014

    Air Products & Chemicals, Inc. (APD) reported solid financial results for the quarter ending December 31, 2014, with a notable increase in net income attributable to Air Products, rising to $324.6 million from $290.2 million in the prior year period. This growth was primarily driven by improved operating income, which benefited from higher volumes, favorable pricing, and effective cost management across key segments, particularly Industrial Gases – Americas and Materials Technologies. Investors should note the company's ongoing strategic realignment, which involved organizational changes and new reporting segments effective October 1, 2014. While this resulted in restructuring charges of $32.4 million, the company expects these actions to yield significant future cost savings. Additionally, APD completed the full acquisition of a joint venture in North America, recognizing a gain of $17.9 million on the revalued equity interest. The company's balance sheet remains robust, with steady access to liquidity and a stable debt-to-capitalization ratio, supporting continued operational investments and shareholder returns through dividends.

    Jan 30, 2015
  37. 2014-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2014

    Air Products & Chemicals, Inc. (APD) reported a solid third quarter for fiscal year 2014, demonstrating revenue growth driven by volume increases in its Merchant Gases and Electronics and Performance Materials segments. The company saw an 8% increase in operating income, highlighting improved pricing and segment performance. Diluted earnings per share from continuing operations also saw a healthy increase of 7%. For the first nine months of the fiscal year, APD continued its positive trajectory with a 2% increase in sales and a 3% rise in operating income. The company also demonstrated its commitment to shareholder returns by increasing its quarterly dividend by 8% to $0.77 per share, marking the 32nd consecutive year of dividend increases. Financially, APD maintained a strong liquidity position, with cash provided by operating activities exceeding cash used in investing activities for the nine-month period. The company also managed its capital structure effectively, with total debt as a percentage of total capitalization at a manageable 42.8% as of June 30, 2014. Despite some challenges in specific segments like Tonnage Gases due to exiting the PUI business and ongoing cost management, the overall financial health and strategic direction appear positive for investors.

    Jul 24, 2014
  38. 2014-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2014

    Air Products & Chemicals, Inc. (APD) reported its fiscal second quarter and first six months results for 2014. For the quarter, sales increased 4% to $2.58 billion, driven by a 4% increase from energy cost pass-through. However, operating income slightly decreased by 1% to $384.7 million, impacting the operating margin, which declined to 14.9% due to higher costs and pass-through effects. Net income from continuing operations attributable to Air Products for the quarter was $283.5 million, a 2% decrease from the prior year, resulting in diluted EPS of $1.32. The company highlighted an 8% increase in its quarterly dividend to $0.77 per share, marking its 32nd consecutive annual increase. For the first six months of 2014, sales grew 2% to $5.13 billion. Operating income saw a modest 1% increase to $770.3 million, while net income from continuing operations rose slightly by 1% to $570.6 million, with diluted EPS at $2.66. The company continues to manage its financial position effectively, with strong cash flow from operations. While underlying sales were flat for the six-month period due to mixed segment performance and the planned exit from the polyurethane intermediates (PUI) business, the Electronics and Performance Materials segment showed significant strength with an 8% sales increase and a 37% rise in operating income. APD also noted it is in compliance with all debt covenants and continues to have access to credit markets.

    Apr 24, 2014
  39. 2014-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2013

    Air Products & Chemicals, Inc. reported its financial results for the first quarter of fiscal year 2014, ending December 31, 2013. The company experienced a slight decrease in sales, down 1% to $2,545.5 million compared to the prior year quarter, primarily attributed to lower volumes in Tonnage Gases and the exit from the Polyurethane Intermediates business. However, operating income saw a healthy increase of 4% to $385.6 million, driven by strong performance in the Electronics and Performance Materials and Equipment and Energy segments. Net income attributable to Air Products also grew by 4% to $290.2 million, resulting in diluted earnings per share of $1.35. Key financial highlights include an improvement in operating margin, a modest increase in net income, and effective management of operational costs. The company's balance sheet remained robust, with total assets at $17,915.2 million and total liabilities at $10,133.8 million. The company also continued to manage its debt effectively, with total debt decreasing from the prior quarter. Investors should note the company's ongoing restructuring efforts and its focus on strategic segments like Electronics and Performance Materials, which showed significant operating income growth.

    Jan 29, 2014
  40. 2013-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2013

    Air Products & Chemicals, Inc. (APD) reported its second quarter 2013 results, showing a year-over-year increase in sales driven by acquisitions and energy cost pass-through, though operating income and net income declined. The decline in profitability was impacted by a significant gain recorded in the prior year's comparable quarter related to a business combination. For the quarter ending June 29, 2013, sales rose 9% to $2.55 billion, primarily due to the acquisition of Indura and higher energy cost pass-through, while underlying sales (excluding these factors) decreased 2% due to lower volumes and exiting certain businesses. Operating income fell 21% to $383.1 million, and net income attributable to Air Products declined by 41% to $288.4 million. Diluted earnings per share from continuing operations decreased to $1.36 from $1.66 in the prior year. The company completed two acquisitions in 2013, EPCO Carbondioxide Products and Wuxi Chem-Gas Company, adding goodwill and expanding its geographic reach. Management highlighted ongoing efforts to manage costs and maintain a strong financial position.

    Jul 24, 2013
  41. 2013-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2013

    Air Products & Chemicals, Inc. (APD) reported solid financial results for the quarter ended March 31, 2013. Sales increased by 6% year-over-year, driven by a combination of acquisitions and improved performance in several segments, particularly Merchant Gases, which saw a 14% sales increase partly due to the acquisition of Indura S.A. Operating income also showed a significant improvement of 35% on a GAAP basis, largely due to the absence of a significant restructuring charge recorded in the prior year. On a non-GAAP basis, operating income still grew by 4%, demonstrating underlying business strength. Key financial highlights include a 5% increase in diluted earnings per share from continuing operations to $1.37. The company continued its commitment to shareholder returns by increasing its quarterly dividend by 11%, marking the 31st consecutive year of dividend increases. While underlying sales showed a modest decrease of 2% due to volume declines in certain segments, the overall revenue growth, coupled with effective cost management and strategic acquisitions, indicates a positive operational trajectory for Air Products.

    Apr 25, 2013
  42. 2013-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2012

    Air Products & Chemicals, Inc. (APD) reported a strong first quarter for fiscal year 2013, with sales increasing by 10% year-over-year to $2.56 billion, driven by both organic growth and strategic acquisitions, notably Indura S.A. The company demonstrated improved profitability, with net income attributable to Air Products increasing by 23% to $278.3 million, leading to a diluted earnings per share of $1.31. This performance highlights the company's ability to leverage higher volumes and integrate acquisitions effectively while managing costs. The company also continued its commitment to shareholder returns through a significant share repurchase program, repurchasing $461.6 million in the quarter, indicating confidence in its financial health and future prospects. Operationally, the company saw broad-based strength across its segments, particularly in Tonnage Gases, where volumes increased significantly. Despite some challenges, such as an inventory accounting revaluation impacting margins in the Electronics and Performance Materials segment, overall operating income saw a healthy increase. Air Products is actively managing its financial structure, maintaining a solid liquidity position and demonstrating prudent debt management, further reinforcing its stability and capacity for future growth initiatives. Investors can take comfort in the company's strategic acquisitions, ongoing operational efficiencies, and commitment to shareholder value.

    Jan 25, 2013
  43. 2012-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2012

    Air Products & Chemicals (APD) reported a strong third quarter of fiscal 2012 on a GAAP basis, with net income attributable to Air Products rising 48% to $484.5 million ($2.26 diluted EPS) versus $326.5 million ($1.50) a year earlier. However, the headline growth is flattered by one-time items. The quarter includes an $85.9 million pre-tax gain from revaluing the company's previously held 50% stake in DA NanoMaterials, and $127.3 million of income from discontinued operations, mainly a gain on the sale of the Homecare business to Linde. On a non-GAAP basis (excluding the DA NanoMaterials gain), diluted EPS from continuing operations was $1.41, flat with the prior year's $1.37 plus only a $0.04 improvement, and non-GAAP operating income rose just 2%. Underlying sales grew 1% on pricing, with flat volumes, while currency reduced sales by 3% and lower energy pass-through reduced sales by 4%. Nine-month non-GAAP operating income declined 3%, reflecting weaker Merchant Gases volumes and lower LNG-related equipment activity. The balance sheet strengthened, with total debt falling to $4.2 billion and the debt-to-capitalization ratio dropping to 38.8% from 43.4%, and equity rising to $6.6 billion. Operating cash flow was $1.24 billion for the nine months, up 13%, while capital spending on a non-GAAP basis reached $1.66 billion, reflecting continued heavy investment in new plants. The company also announced a $1 billion-plus expansion of its Latin American footprint via the July 2012 acquisition of a controlling stake in Chile's Indura S.A., which required about $700 million in cash plus $196 million of assumed debt, with a put option on a further 30.5% stake from 2015. The company also flagged a $89 million maximum-exposure Brazilian antitrust fine it is contesting and a cost reduction plan targeting $60 million in annual savings by end-2013. For investors, the key questions are whether underlying earnings growth can accelerate beyond the low single digits seen this quarter, how the Indura acquisition and ongoing capex will be financed given the deleveraging, and how much of the reported earnings momentum is sustainable once one-time gains roll off.

    Jul 27, 2012
  44. 2012-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2012

    Air Products & Chemicals (APD) reported fiscal Q2 2012 (quarter ended 31 March 2012) results that were mixed: reported GAAP figures were pressured by a one-time $86.8 million cost reduction plan charge and a prior-year Airgas transaction loss comparison, while a $58.3 million Spanish tax ruling benefit flattered GAAP earnings. Sales for the quarter fell 2% to $2,344.3 million, with underlying sales up 2% on price and Tonnage volume gains, offset by a 3% drag from lower energy and raw material pass-through and 1% from currency. GAAP operating income declined 27% to $287.9 million, but on a non-GAAP basis operating income fell a more modest 6% to $374.7 million, driven by weaker Merchant Gases volumes, lower Equipment and Energy (LNG) activity, and an unfavorable volume mix. GAAP diluted EPS was $1.30 from continuing operations ($1.38 including discontinued operations), versus $1.31 a year earlier; non-GAAP diluted EPS from continuing operations was $1.31, down $0.02. The balance sheet remains solid, with total debt at 42.5% of total capitalization, a $2,170 million undrawn committed revolver, and continued commercial paper market access. Operating cash flow for the six months rose 21% to $731.2 million on working capital improvements, while capital expenditures on a non-GAAP basis reached $864.8 million, reflecting ongoing investment in growth projects. Management also announced a 10% dividend increase to $0.64 per quarter, the 30th consecutive annual increase, and continued repurchasing shares under a $1 billion program with $946.9 million remaining. Pending portfolio moves, including the sale of Homecare to Linde for roughly $785 million (expected Q3 gain of $140-170 million) and the acquisition of DuPont's 50% stake in DA NanoMaterials, are expected to shape results in the second half of fiscal 2012. For investors, the key takeaways are the resilience of underlying margins and cash generation despite weaker Merchant Gases volumes and European softness, the cost reduction plan targeting $60 million of annual savings by end-2013, and the reliance on portfolio reshaping and divestiture proceeds to support the balance sheet and earnings trajectory.

    Apr 27, 2012
  45. 2012-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2011

    Air Products & Chemicals (APD) reported first-quarter fiscal 2012 results (three months ended 31 December 2011) with sales of $2,423.1 million, up 1%, and operating income of $384.7 million, up 7% on a GAAP basis. However, GAAP net income attributable to Air Products fell 8% to $248.1 million and diluted EPS declined to $1.16 from $1.23. The GAAP decline is largely explained by a $43.8 million (about $0.20 per share) charge for a settlement with Spanish tax authorities. Excluding this item and the prior-year Airgas transaction loss, non-GAAP diluted EPS rose 1% to $1.36, while non-GAAP operating income fell 5%, reflecting lower volumes in Merchant Gases, weaker Equipment sales, and unfavorable currency effects. Management described underlying sales as up 1%, driven by pricing, with flat volumes. The balance sheet remained solid. Total assets rose to $14.39 billion and total debt was $4.62 billion, equal to about 43% of total capitalization, well inside the 60% leverage covenant. Operating cash flow improved 28% to $430.7 million, helped by working capital, while capital spending was elevated at $349.7 million in plant and equipment additions. The company also took steps to simplify its ownership structure, buying out the remaining minority interests in CryoService Limited. Looking ahead, the most significant developments are the January 2012 agreement to sell the Homecare business to The Linde Group for approximately $767 million, which is expected to produce a second-quarter gain and be reported as discontinued operations, and a pending 25% stake purchase in Abdullah Hashim Industrial Gases in Saudi Arabia. A favorable Spanish Supreme Court ruling should also reduce tax expense by about $60 million in the second quarter. Pending a Brazilian antitrust fine of about $96 million, which management considers reasonably possible but not probable, remains a key contingent risk.

    Jan 27, 2012
  46. 2011-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2011

    Air Products & Chemicals (APD) reported a strong third quarter of fiscal 2011 (quarter ended 30 June 2011). Sales rose 14% to $2,577.8 million, with underlying sales up 7% on 6% higher volumes, and GAAP operating income rose 24% to $416.8 million. Diluted EPS from continuing operations was $1.46, up 25% on a GAAP basis; on a non-GAAP basis, which excludes the prior-year Airgas transaction loss, EPS grew 14% to $1.46 from $1.28. Growth was led by Electronics and Performance Materials (sales up 21%, operating margin up 550 bp) and Tonnage Gases (volumes up 11%), while Merchant Gases margins compressed on higher operating, maintenance and distribution costs. For the first nine months, sales reached $7,470.8 million (up 12%) and GAAP diluted EPS was $4.12 (up 18%); non-GAAP diluted EPS was $4.26 versus $3.67 a year earlier, with the difference reflecting the Airgas tender offer costs. The Airgas bid was withdrawn in February 2011 after the Delaware Chancery Court upheld Airgas's board's poison pill, and the associated $6.7 billion term loan was terminated. Management closed the period with $350.0 million of share repurchases, a dividend raised to $0.58 per quarter, and a multicurrency revolver extended to 2015. Cash from operations rose 9% to $1,128.7 million, but capital spending on plant and equipment climbed to $965.3 million, lifting net debt-related funding needs, with total debt rising to $4,497.7 million (debt-to-capital of 41.3%). Key watch items for investors include a reasonably possible upper exposure in a Brazilian competition fine of about $115 million (no provision recorded), environmental accruals of $83.2 million, and ongoing Spanish tax challenges. The company remains in compliance with its debt covenants and described its liquidity position as strong.

    Jul 27, 2011
  47. 2011-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2011

    Air Products & Chemicals' fiscal Q2 2011 10-Q (quarter ended 31 March 2011) shows a strong operating quarter. Sales rose 11% to $2,501.3M and GAAP operating income rose 23% to $419.5M, with operating margin up 170 bp to 16.8%. Diluted EPS was $1.39 on a GAAP basis (up 20%) and $1.41 on a non-GAAP basis (up 15%) excluding the Airgas transaction. Growth was broad-based, led by volume gains in Electronics and Performance Materials (sales up 28%), Merchant Gases and Tonnage Gases. Six-month results were similarly solid, with sales of $4,893.0M (up 11%) and diluted EPS of $2.62 (up 13%). The central corporate event was the withdrawn bid for Airgas. The company offered up to $70 per share (about $7.8B including assumed debt) before withdrawing on 15 February 2011 after the Delaware court upheld Airgas's poison pill. Air Products booked $48.5M of pre-tax net losses on the transaction in the first half, sold its 1.5M-share Airgas stake for $94.7M, and terminated its $6.7B bridge facility. It also repurchased $350M of stock and raised its quarterly dividend to $.58 from $.49. The balance sheet and cash flow remain sound but are more levered. Total debt rose to $4,395.9M from $4,128.3M, and short-term borrowings increased to $662.1M. Operating cash flow was $626.7M, up 15%, but capital spending was $612.7M, and acquisition-related payments of $153.8M weighed on cash. Two legal and environmental matters merit monitoring: a Brazilian antitrust fine of about $110M (not provided for, as an adverse outcome is reasonably possible but not probable) and environmental accruals of $84M, with a reasonably possible upper exposure of $98M.

    Apr 26, 2011
  48. 2011-Q1

    Air Products & Chemicals, Inc. Quarterly Report for Q1 Ended Dec 31, 2010

    Air Products & Chemicals (APD) reported first-quarter fiscal 2011 results (three months ended 31 December 2010) with sales up 10% to $2,391.7 million and GAAP operating income up 5% to $360.6 million. Excluding $43.5 million of Airgas acquisition-related costs, non-GAAP operating income rose 17% to $404.1 million and operating margin expanded 100 basis points to 16.9%, driven mainly by volume growth in Electronics and Performance Materials, Tonnage Gases, and Merchant Gases. GAAP diluted EPS was $1.23 (up 6%), or $1.35 on a non-GAAP basis (up 16%). Net income attributable to Air Products was $268.6 million. Cash generation improved markedly, with operating cash flow up 74% to $336.6 million, largely due to favorable working capital timing, including lower pension contributions and higher accrued taxes. Capital spending of $306.9 million continued, and total debt declined to $3,992.0 million, reducing the debt-to-capitalization ratio to 40.0% from 42.0%. Shareholders' equity increased to $5,810.0 million, and the company paid $0.49 per share in quarterly dividends. The dominant strategic item is the pending hostile tender offer for Airgas at $70.00 per share, valued at roughly $7.8 billion including $1.7 billion of assumed debt, financed by a $6.7 billion term loan. Management estimates total transaction costs of $150 to $200 million, and an FTC consent decree would require divestitures of certain Airgas atmospheric gas assets. Investors should weigh the potential earnings accretion and synergies against the leverage increase and integration risk, while noting the pending Brazilian antitrust fine of about $108 million, for which no provision has been recorded.

    Jan 26, 2011
  49. 2010-Q3

    Air Products & Chemicals, Inc. Quarterly Report for Q3 Ended Jun 30, 2010

    Air Products & Chemicals (APD) reported a strong fiscal third quarter 2010 (quarter ended 30 June 2010). Sales rose 14% to $2,252.3 million, driven by an underlying business increase of 12% led by volume growth of 13%, particularly in Electronics and Performance Materials, Tonnage Gases and Merchant Gases. GAAP operating income more than doubled to $336.4 million, and GAAP diluted EPS from continuing operations reached $1.17 versus $.54. Excluding $37.9 million of acquisition-related costs tied to the Airgas tender offer, non-GAAP diluted EPS was $1.28, up 22% from $1.05 on a comparable basis. For the first nine months, GAAP diluted EPS was $3.49 and non-GAAP EPS was $3.67, up 26%. The most significant development for investors is the pending acquisition of Airgas, Inc. The company raised its tender offer to $63.50 per share in cash, a transaction valued at roughly $7.3 billion including $1.8 billion of assumed debt, and secured a $6.7 billion term loan. Management expects total transaction costs of $150 to $200 million, and the offer is scheduled to expire on 13 August 2010 unless extended. Leverage will rise substantially if the deal closes, which makes the financing structure and the company's dividend and debt management central considerations. Balance sheet strength remains solid at present, with total debt falling to $4,188.0 million and total debt to total capital at 43.8%, down from 47.7%, and cash flow from operations up 19% to $1,033.2 million. Other items of note include the SAGA acquisition in France, a 28th consecutive annual dividend increase to $.49 per quarter, and a new $2.0 billion committed credit facility replacing the prior $1.45 billion facility. Ongoing risks include a Brazilian competition investigation whose outcome cannot be predicted, and environmental accruals of $88.5 million. Management expects cost savings of about $155 million in 2010 and annualized savings of about $180 million thereafter.

    Jul 26, 2010
  50. 2010-Q2

    Air Products & Chemicals, Inc. Quarterly Report for Q2 Ended Mar 31, 2010

    Air Products & Chemicals (APD) reported a strong fiscal Q2 2010 (quarter ended 31 March 2010), with sales of $2,249.0M (up 15%) and GAAP diluted EPS from continuing operations of $1.16 (up 30%). Excluding $23.4M of acquisition-related costs tied to the Airgas tender offer, non-GAAP diluted EPS was $1.23 (up 38%). Growth was driven mainly by volume recovery in Electronics and Performance Materials (sales up 36%) and Tonnage Gases (sales up 21%), supported by favorable currency (+4%) and energy cost pass-through (+2%). Six-month GAAP operating income rose 83% to $685.6M, though the prior-year period included a $174.2M global cost reduction charge, so the non-GAAP comparison (up 29%) is the more relevant trend measure. The most significant strategic development is the pending ~$7 billion tender offer for Airgas at $60.00 per share, backed by a $6.7 billion term loan commitment. Air Products already holds about 1.5 million Airgas shares ($69.6M). Total transaction costs are estimated at $150 to $200 million, and Moody's lowered APD's rating from A2/P-1 to A3/P-2 as a result. Balance sheet leverage is expected to rise sharply once the deal closes, so investors should weigh the strategic logic of combining with the largest U.S. industrial gas distributor against the increased debt load and integration risk. On the cash flow side, operating cash flow rose 18% to $542.7M, but working capital absorbed cash, mainly from rising receivables. Capital spending fell to $516.9M from $615.8M, and the company raised its quarterly dividend 9% to $0.49 per share, marking its 28th consecutive annual increase. Total debt as a share of capital declined to 44.5% from 47.7%, and the company has $649.2M remaining under its share repurchase authorization.

    Apr 26, 2010