Air Products Q4 2023 Earnings Report
Key Takeaways
Air Products reported a decrease in sales, but an increase in net income. GAAP EPS increased by 20% and adjusted EPS increased by 11%. The company continues to advance its clean hydrogen megaprojects and increase dividends.
GAAP EPS of $3.08, up 20 percent.
Adjusted EPS of $3.15, up 11 percent.
Net income of $694 million, up 17 percent.
Increased quarterly dividend eight percent to $1.75 per share in January, the 41st consecutive year of increases.
Air Products
Air Products
Air Products Revenue by Segment
Forward Guidance
Air Products expects full-year fiscal 2024 adjusted EPS guidance of $12.80 to $13.10, up 13 percent at the midpoint over prior year adjusted EPS. For the fiscal 2024 first quarter, Air Products' adjusted EPS guidance is $2.90 to $3.05, up 13 percent at the midpoint over fiscal 2023 first quarter adjusted EPS. Air Products expects capital expenditures of $5.0 billion to $5.5 billion for full-year fiscal 2024.
Positive Outlook
- Full-year fiscal 2024 adjusted EPS guidance of $12.80 to $13.10, up 13 percent at the midpoint over prior year adjusted EPS.
- Fiscal 2024 first quarter adjusted EPS guidance of $2.90 to $3.05, up 13 percent at the midpoint over fiscal 2023 first quarter adjusted EPS.
- Capital expenditures of $5.0 billion to $5.5 billion for full-year fiscal 2024.
- Increased quarterly dividend eight percent to $1.75 per share in January, the 41st consecutive year of increases
- Advanced the energy transition
Challenges Ahead
- Changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments served
- Changes in the financial markets that may affect the availability and terms on which financing may be obtained
- Disruptions to the supply chain and related distribution delays and cost increases
- Risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets
- Project delays, scope changes, cost escalations, contract terminations, customer cancellations, or postponement of projects and sales