Air Products Q2 FY2025 Summary:

- Reported a GAAP net loss of $1.7 billion, or $7.77 per share, primarily due to a $2.3 billion after-tax charge related to project cancellations and workforce reduction measures.
- Adjusted earnings per share (non-GAAP) were $2.69, down 6 percent year-over-year.
- Adjusted EBITDA was $1.2 billion, down 3 percent from the prior year.
- Total sales were $2.9 billion, flat compared to Q2 FY2024. Higher energy cost pass-through (up 4 percent) and pricing (up 1 percent) were offset by lower volumes (down 3 percent) and currency headwinds (down 2 percent).
- Dividend increased to $1.79 per share, marking the 43rd consecutive annual dividend raise.

Segment results:

- Americas: Sales rose 3 percent to $1.3 billion. Adjusted EBITDA fell 3 percent to $575 million.
- Asia: Sales dropped 1 percent to $774 million. Adjusted EBITDA rose 2 percent to $334 million.
- Europe: Sales grew 9 percent to $727 million. Adjusted EBITDA rose 6 percent to $280 million.
- Middle East and India equity income rose 6 percent to $78 million.
- Corporate and other sales declined 53 percent due to the LNG business divestiture.

Outlook:

- Revised full-year adjusted EPS guidance is now $11.85 to $12.15.
- Q3 FY2025 adjusted EPS guidance is $2.90 to $3.00.
- Full-year capital expenditures expected to be approximately $5 billion.

Air Products (NYSE:APD) will hold a conference call to discuss its fiscal 2025 second quarter financial results on Thursday, May 1, 2025 at 8:00 a.m. ET. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.


APD Q2FY25 live teleconference: 773-305-6865
Passcode: 7519932
Internet broadcast/slides: Available on the Event Details page on Air Products’ Investor Relations website.
Internet replay: Available on the Event Details page on Air Products’ Investor Relations website.

Air Products reported its fiscal 2025 first-quarter results on February 6, 2025. The company posted GAAP earnings per share (EPS) of $2.77, a one percent increase from the prior year. GAAP net income reached $650 million, up five percent, and GAAP net income margin improved by 150 basis points to 22.2%. This performance was driven by higher pricing, partially offset by increased costs linked to shareholder activism, incentive compensation, and inflation, which were mitigated by productivity improvements. Additionally, Air Products recognized lower non-service pension costs and a gain from de-designated cash flow hedges.

On a non-GAAP basis, adjusted EPS for the quarter was $2.86, also up one percent year-over-year. Adjusted EBITDA stood at $1.2 billion, reflecting a one percent increase, while the adjusted EBITDA margin rose by 140 basis points to 40.6%, thanks to favorable business mix and higher pricing.

Sales for the quarter totaled $2.9 billion, down two percent due to a two percent decline in volumes and a one percent negative currency impact, partly offset by a one percent increase in pricing. The decrease in volume was mainly due to the divestiture of the LNG business in September 2024 and lower contributions from on-sites and merchant businesses in Europe. However, this was partially offset by a significant helium sale in the Americas.

Looking ahead, Air Products expects its fiscal 2025 full-year adjusted EPS to be between $12.70 and $13.00, with second-quarter adjusted EPS guidance of $2.75 to $2.85. The company also forecasts capital expenditures for the year to be between $4.5 billion and $5.0 billion. Air Products raised its quarterly dividend to $1.79 per share, marking its 43rd consecutive year of dividend increases, and expects to return approximately $1.6 billion to shareholders in 2025.

Air Products and Chemicals, Inc. held its 2025 Annual Meeting of Shareholders on January 23, 2025, with 79.44% of the shares of common stock represented. The meeting included several votes on key company matters. First, the election of directors saw Tonit M. Calaway, Lisa A. Davis, Jessica Trocchi Graziano, Bhavesh V. Patel, Wayne T. Smith, Alfred Stern, Paul Hilal, Andrew Evans, and Dennis Reilley being elected to serve until the company’s 2026 Annual Meeting.

Additionally, the shareholders approved the compensation of the company’s executive officers by a significant majority of 93.73%. The ratification of Deloitte & Touche LLP as the company’s independent auditors for the fiscal year ending September 30, 2025, also passed with 99.50% approval. Lastly, a shareholder proposal submitted by Mantle Ridge to amend the company’s bylaws to repeal amendments made after September 17, 2023, was not approved, as it garnered only 49.23% of the vote.

These decisions reflect the shareholders’ overall support for the company’s current leadership and operational strategies moving forward.