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Mar 31, 2024
Air Products Q2 2024 Earnings Report
Air Products reported mixed results with increased GAAP EPS but a slight decrease in sales, driven by pricing strategies and cost management amidst challenging economic conditions.
Key Takeaways
Air Products reported a GAAP EPS of $2.57, a 30% increase year-over-year, and adjusted EPS of $2.85, a 4% increase. Net income rose by 29% to $581 million. Sales decreased by 8% to $2.9 billion due to lower energy cost pass-through and volumes, despite higher pricing. The company maintains its full-year adjusted EPS guidance of $12.20 to $12.50.
GAAP EPS increased by 30% to $2.57, and GAAP net income rose by 29% to $581 million.
Adjusted EPS increased by 4% to $2.85, exceeding the high end of guidance.
Adjusted EBITDA margin increased by 490 basis points to 40.9%.
Full-year adjusted EPS guidance maintained at $12.20 to $12.50, reflecting a 6% to 9% increase over the prior year.
Air Products
Air Products
Air Products Revenue by Segment
Air Products Revenue by Geographic Location
Revenue by Segment
Americas Revenue
CapyFin.comAsia Revenue
CapyFin.comEurope Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comAsia Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
Air Products anticipates an adjusted EPS between $3.00 and $3.05 for the third quarter of fiscal year 2024 and maintains full-year adjusted EPS guidance between $12.20 and $12.50. Capital expenditures are expected to be between $5.0 billion and $5.5 billion for the full fiscal year.
Positive Outlook
- Maintaining fiscal 2024 full-year adjusted EPS guidance of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS.
- Fiscal 2024 third quarter adjusted EPS guidance of $3.00 to $3.05.
- Continue to expect fiscal year 2024 capital expenditures of $5.0 billion to $5.5 billion.
- Focused on pricing and reducing our costs.
- Solidifying our energy transition leadership as we continue to execute our strategic portfolio of low- and zero-carbon hydrogen projects around the world
Challenges Ahead
- Management is unable to reconcile, without unreasonable effort, the Company’s forecasted range of adjusted EPS or capital expenditures to a comparable GAAP range.
- It is not possible, without unreasonable efforts, to predict the timing or occurrence of these events or the potential for other transactions that may impact future GAAP EPS.
- Similarly, it is not possible, without unreasonable efforts, to reconcile forecasted capital expenditures to future cash used for investing activities.
- The guidance provided is on an adjusted continuing operations basis and is compared to adjusted historical diluted EPS attributable to Air Products.
- It is not possible to identify the timing or occurrence of similar future events or the potential for other transactions that may impact future GAAP EPS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income