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Jun 30, 2024
Air Products Q3 2024 Earnings Report
Air Products reported Q3 2024 earnings with GAAP EPS of $3.13 and adjusted EPS of $3.20.
Key Takeaways
Air Products' Q3 2024 adjusted EPS exceeded guidance, increasing seven percent over the prior year, driven by Americas and Europe operating performance, pricing, and productivity actions. The adjusted EBITDA margin is the best in the industry. The company announced a long-term renewable hydrogen supply agreement with TotalEnergies.
GAAP EPS of $3.13, up 17 percent; GAAP net income of $709 million, up 16 percent; and GAAP net income margin of 23.7 percent, up 360 basis points.
Adjusted EPS of $3.20, up seven percent; adjusted EBITDA of $1.3 billion, up five percent; and adjusted EBITDA margin of 42.4 percent, up 260 basis points.
Signed a 15-year agreement to supply 70,000 tons of green hydrogen annually starting in 2030 to TotalEnergies.
Announced agreement to divest Air Products’ liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion in an all-cash transaction.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Air Products confirms its previous fiscal 2024 full-year adjusted EPS guidance of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS. For the fourth quarter of fiscal 2024, Air Products' adjusted EPS guidance is $3.33 to $3.63. Air Products continues to expect capital expenditures in the range of $5.0 billion to $5.5 billion for full-year fiscal 2024.
Positive Outlook
- Full-year adjusted EPS guidance of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS
- Fourth quarter adjusted EPS guidance of $3.33 to $3.63
- Capital expenditures expected in the range of $5.0 billion to $5.5 billion for full-year fiscal 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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