Air Products and Chemicals, Inc. reported its third quarter fiscal 2025 results, revealing GAAP earnings per share (EPS) of $3.24, a four percent increase from the previous year, and GAAP operating income of $791 million, up seven percent. The company noted that sales reached $3.0 billion, a one percent rise year-over-year, driven by higher energy cost pass-through and pricing, despite a four percent decline in volumes primarily due to lower global helium demand and project exits. Adjusted EPS for the quarter was $3.09, marking a three percent decrease compared to the prior year.
The company has revised its full-year adjusted EPS guidance for fiscal 2025 to a range of $11.90 to $12.10, with fourth quarter adjusted EPS expected between $3.27 and $3.47. Air Products anticipates capital expenditures of approximately $5 billion for the fiscal year. The results included pre-tax gains from asset sales, which were offset by costs related to shareholder activism and project exits. The company continues to focus on cost productivity and operational excellence amidst these adjustments.
linkJul 31, 2025 07:47:46
Sean D. Major has resigned from his position as Executive Vice President, General Counsel, and Secretary of Air Products and Chemicals, effective July 11, 2025. The company will announce his successor at a later date.
Mr. Major will receive severance and other benefits in line with the company's Executive Separation Program. Details of this program were previously disclosed in the company's definitive proxy statement for its 2025 Annual Meeting of Stockholders, filed with the SEC on December 3, 2024.
linkJul 08, 2025 16:15:27
Air Products reported a net loss of $1.7 billion for the second quarter of fiscal 2025, including a loss per share of $7.77. This significant loss was primarily attributed to an after-tax charge of $2.3 billion related to strategic business and asset actions, including the cancellation of several projects. Adjusted earnings per share (EPS) were $2.69, a decrease of six percent from the previous year, driven by lower volumes and higher costs, despite some offset from favorable pricing in non-helium products. Overall sales remained flat at $2.9 billion, with an increase in energy cost pass-through and pricing offset by lower volumes and unfavorable currency effects.
In terms of management changes, Eduardo F. Menezes has been appointed as the new Chief Executive Officer, while the company also announced an increase in its quarterly dividend to $1.79 per share, marking 43 consecutive years of dividend increases. Additionally, Air Products has exited three U.S. projects and is revising its full-year adjusted EPS guidance to a range of $11.85 to $12.15. The company expects capital expenditures to be approximately $5 billion for fiscal 2025.
linkMay 01, 2025 07:39:28
Air Products has decided to exit three U.S.-based projects, resulting in a pre-tax charge of up to $3.1 billion in its fiscal second quarter. This decision stems from challenges in commercial aspects and regulatory developments affecting their Sustainable Aviation Fuel expansion in California, green hydrogen facility in New York, and carbon monoxide project in Texas, which were deemed economically unfavorable. The company aims to streamline its backlog and focus resources on more viable projects.
Despite these cancellations, Air Products is progressing with its major projects, including the NEOM green hydrogen project in Saudi Arabia and the Louisiana Clean Energy Complex, both of which are expected to advance significantly in the coming years. The company does not anticipate any additional major project cancellations and plans to provide updates on its ongoing projects during its next earnings call.
linkFeb 24, 2025 16:53:31
Air Products announced its fiscal 2025 first quarter results, reporting a GAAP earnings per share (EPS) of $2.77, reflecting a one percent increase from the previous year. The company achieved a net income of $650 million, up five percent, with a net income margin of 22.2 percent, which is an increase of 150 basis points. The increase in earnings was attributed to higher pricing, although this was somewhat offset by increased costs related to shareholder activism and inflation. The company also noted productivity improvements and lower non-service pension costs as contributing factors to its performance.
On the downside, Air Products experienced a two percent decline in sales to $2.9 billion, driven by lower volumes and unfavorable currency impacts. The lower volumes were primarily due to the divestiture of the LNG business, which accounted for approximately two percent of the decline. Additionally, sales in Europe decreased by five percent, further contributing to the overall sales reduction. Despite these challenges, the company maintained its adjusted EPS guidance for the full fiscal year, indicating an expectation of continued financial performance.
linkFeb 06, 2025 07:28:03
Air Products has appointed Eduardo F. Menezes as the new CEO, effective February 7, 2025, following the departure of Seifi Ghasemi after over a decade of service. The Board of Directors has also named Wayne T. Smith as Chairman and Dennis H. Reilley as Vice Chairman to support Menezes in leading the company. Menezes brings extensive experience from Linde plc and Praxair, indicating a focus on leveraging his background in the industrial gases sector to enhance shareholder value.
While the transition in leadership could signal a new strategic direction for Air Products, the departure of Ghasemi, who has been credited with driving profitability and growth during his tenure, raises questions about continuity. Ghasemi expressed pride in the company’s achievements over the past ten years, suggesting a strong foundation has been laid, but the change in leadership may bring uncertainties as the company adapts to new management.
linkFeb 04, 2025 16:10:28
Air Products reported preliminary earnings for the first quarter of fiscal 2025, with GAAP earnings per share (EPS) of $2.77 and adjusted EPS of $2.86. The adjusted EPS surpassed the company's previous guidance range of $2.75 to $2.85, indicating a positive financial performance for the quarter. The company highlighted its ongoing operations in industrial gases and its commitment to sustainability, with a market capitalization of approximately $65 billion and sales of $12.1 billion in fiscal 2024.
However, the company also noted that the preliminary earnings figures are subject to change as they are based on incomplete financial statements and ongoing quarter-end processes. Additionally, Air Products incurred costs of $29.9 million related to a proxy contest with activist shareholders, which negatively impacted its adjusted EPS by $0.10 per share. The de-designation of cash flow hedges also introduced complexity to their financial reporting, with potential future impacts on earnings yet to be determined.
linkJan 14, 2025 16:56:45
Air Products announced the nomination of Bob Patel and Alfred Stern as independent director candidates for its Board of Directors at the 2025 Annual Meeting. Both candidates bring extensive experience in the chemicals and energy sectors, with Patel having led major companies like W.R. Grace and LyondellBasell, and Stern serving as CEO of the OMV Group. Their backgrounds suggest they will contribute valuable insights and leadership to the company, particularly in relation to clean energy and sustainability initiatives.
On the downside, current board members David H.Y. Ho and Matthew H. Paull will not seek re-election, indicating a significant change in the board's composition. While the company maintains that the board will continue to consist of nine directors, the departure of experienced members raises questions about continuity and stability during this transition period. The changes reflect Air Products' ongoing board refreshment strategy, but the impact of these departures remains to be seen.
linkNov 18, 2024 06:39:02
Air Products reported significant growth in fiscal year 2024, with GAAP earnings per share (EPS) of $17.24, a 67% increase from the previous year, and a GAAP net income of $3.9 billion, up 65%. The company also achieved a GAAP net income margin of 31.9%, reflecting a substantial rise of 1,330 basis points. Additionally, the adjusted EPS for the year was $12.43, an 8% increase, and adjusted EBITDA rose to $5.0 billion, a 7% growth, highlighting strong operational performance despite a 4% decrease in total sales to $12.1 billion due to lower energy cost pass-throughs.
On the downside, the company faced challenges with a 4% decline in total sales compared to the prior year, primarily attributed to a 5% drop in energy cost pass-through. Furthermore, the completion of the divestiture of the non-core LNG business means that this segment will not contribute to future results, which may impact overall revenue streams. The fourth quarter results also showed flat sales of $3.2 billion year-over-year, indicating potential market saturation or competitive pressures, despite notable gains in adjusted EPS and EBITDA.
linkNov 07, 2024 07:52:19
Air Products has successfully completed the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion. This strategic move aligns with Air Products' focus on its core industrial gases and clean hydrogen initiatives, indicating a clear commitment to sustainability and energy transition. The transfer included key assets and about 475 employees, highlighting the company's dedication to maintaining a strong workforce even as it shifts its business focus.
Chairman Seifi Ghasemi expressed gratitude towards the former LNG team for their contributions and emphasized the company's ongoing strategy to enhance shareholder value. With a solid foundation and a robust market presence, Air Products is poised to continue its growth in industrial gases and clean hydrogen, which are critical for supporting low-carbon energy solutions. The company reported fiscal 2023 sales of $12.6 billion and has a market capitalization of around $60 billion, showcasing its significant role in the industrial gases sector.
linkSep 30, 2024 08:06:32