Air Products Announces Preliminary Q1FY25 GAAP EPS of $2.77 and Adjusted EPS of $2.86, Exceeding Company's Previous Adjusted EPS Guidance for the Quarter
Air Products (NYSE:APD) has released preliminary financial results for Q1 FY2025, reporting GAAP earnings per share of $2.77 and adjusted EPS of $2.86. The adjusted EPS performance notably exceeded the company's previous guidance range of $2.75 to $2.85 per share for the quarter.
The company plans to release complete Q1 FY2025 results and host a teleconference on February 6, 2025. Air Products notes that these preliminary figures are based on currently available information and may be subject to changes pending the completion of quarter-end close processes.
Air Products (NYSE:APD) ha rilasciato i risultati finanziari preliminari per il primo trimestre dell'anno fiscale 2025, riportando un utile per azione GAAP di $2,77 e un utile per azione rettificato di $2,86. Le prestazioni dell'utile rettificato hanno superato notevolmente la stima precedente dell'azienda, che si aggirava tra $2,75 e $2,85 per azione per il trimestre.
L'azienda prevede di pubblicare i risultati completi del primo trimestre dell'anno fiscale 2025 e di ospitare una teleconferenza il 6 febbraio 2025. Air Products sottolinea che queste cifre preliminari si basano su informazioni attualmente disponibili e potrebbero subire modifiche in attesa del completamento delle procedure di chiusura di fine trimestre.
Air Products (NYSE:APD) ha publicado los resultados financieros preliminares para el primer trimestre del año fiscal 2025, reportando ganancias por acción GAAP de $2.77 y EPS ajustado de $2.86. El desempeño del EPS ajustado superó notablemente el rango de orientación anterior de la empresa de $2.75 a $2.85 por acción para el trimestre.
La compañía planea publicar los resultados completos del primer trimestre del año fiscal 2025 y realizar una teleconferencia el 6 de febrero de 2025. Air Products señala que estas cifras preliminares se basan en la información actualmente disponible y pueden estar sujetas a cambios pendientes de la finalización de los procesos de cierre de fin de trimestre.
Air Products (NYSE:APD)는 2025 회계연도 첫 분기에 대한 예비 재무 결과를 발표하며 GAAP 주당 순이익이 $2.77이고 조정 주당 순이익이 $2.86이라고 보고했습니다. 조정 주당 순이익 성과는 분기 동안 회사의 이전 안내 범위인 $2.75에서 $2.85를 상당히 초과했습니다.
회사는 2025 회계연도 첫 분기 전체 결과를 발표하고 2025년 2월 6일에 텔레컨퍼런스를 개최할 계획입니다. Air Products는 이 예비 수치가 현재 사용 가능한 정보를 기반으로 하며 분기 종료 마감 프로세스 완료에 따라 변경될 수 있음을 언급하고 있습니다.
Air Products (NYSE:APD) a publié des résultats financiers préliminaires pour le premier trimestre de l'exercice 2025, annonçant un bénéfice par action GAAP de 2,77 $ et un BPA ajusté de 2,86 $. La performance du BPA ajusté a notablement dépassé l'intervalle de prévisions antérieur de l'entreprise, qui se situait entre 2,75 $ et 2,85 $ par action pour le trimestre.
L'entreprise prévoit de publier les résultats complets du premier trimestre de l'exercice 2025 et d'organiser une téléconférence le 6 février 2025. Air Products souligne que ces chiffres préliminaires sont basés sur des informations actuellement disponibles et peuvent être sujets à des modifications en attendant l'achèvement des processus de clôture de fin de trimestre.
Air Products (NYSE:APD) hat vorläufige Finanzergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht, die GAAP-Gewinne pro Aktie von $2,77 und bereinigte EPS von $2,86 berichten. Die Leistung des bereinigten EPS übertraf deutlich die vorherige Prognose des Unternehmens von $2,75 bis $2,85 pro Aktie für das Quartal.
Das Unternehmen plant, die vollständigen Ergebnisse für das erste Quartal des Geschäftsjahres 2025 zu veröffentlichen und am 6. Februar 2025 eine Telefonkonferenz abzuhalten. Air Products weist darauf hin, dass diese vorläufigen Zahlen auf derzeit verfügbaren Informationen basieren und Änderungen unterliegen können, die von den Abschlussprozessen zum Quartalsende abhängen.
- Q1 FY2025 adjusted EPS of $2.86 exceeded company's guidance range of $2.75-$2.85
- GAAP EPS showed strong performance at $2.77
- None.
Insights
Air Products' preliminary Q1 FY25 results demonstrate robust financial performance, with adjusted EPS of
The spread between GAAP EPS (
For context, this early announcement ahead of the scheduled February earnings release is strategically timed to maintain market confidence. Industrial gas companies like APD typically have stable, predictable business models due to long-term contracts, making this outperformance particularly noteworthy as it suggests either stronger volumes, better pricing, or enhanced operational efficiency - or a combination of these factors.
The industrial gas sector's pricing power and essential role in various industries positions Air Products favorably in the current market environment. The preliminary results suggest successful execution of their pricing strategies and operational optimization initiatives. The company's ability to exceed guidance in a challenging macro environment underscores their competitive moat and market leadership.
Looking at broader market implications, this positive surprise from a major industrial gas player could signal resilience in key end markets such as healthcare, electronics and manufacturing. The results may also indicate healthy demand from emerging markets and success in passing through cost inflation to customers - important factors for maintaining margins in the industrial gas sector.
Company to Release Full Q1FY25 Results and Host Teleconference on February 6, 2025
Full interim consolidated financial statements as of and for the quarter ended December 31, 2024 are not yet complete as of the date of this press release. The preliminary earnings per share information presented above is based upon information available as of the date of this press release and is subject to change upon completion of all quarter-end close processes, as well as the possible occurrence of interim events prior to the issuance of our full financial statements. Accordingly, undue reliance should not be placed on this preliminary unaudited financial information. Please also refer to the "Forward-Looking Statements" provided below.
The Company will release its full Q1FY25 financial results prior to market open on Thursday, February 6, 2025 and review these results in a teleconference 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.
Live teleconference: 773-305-6853
Passcode: 3870353
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.
#Preliminary earnings per share is calculated and presented on a diluted basis from continuing operations attributable to Air Products.
*Preliminary results in this release reference adjusted EPS, which is a non-GAAP financial measure. Additional information regarding this measure and a reconciliation of GAAP EPS to adjusted EPS is provided below. The Company previously provided fiscal 2025 first quarter adjusted EPS guidance in Exhibit 99.1 to its Current Report on Form 8-K dated November 7, 2024 (the "Prior Earnings Release"). Management is unable to reconcile, without unreasonable effort, the Company's forecasted range of adjusted EPS to a comparable GAAP range. Air Products provides adjusted EPS guidance on a continuing operations basis, excluding the impact of certain items that management believes are not representative of the Company's underlying business performance, such as the incurrence of costs for cost reduction actions and impairment charges, or the recognition of gains or losses on certain disclosed items. 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. Furthermore, it is not possible to identify the potential significance of these events in advance, but any of these events, if they were to occur, could have a significant effect on the Company's future GAAP results.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.
The Company had fiscal 2024 sales of
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook and investment opportunities. Forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: changes that could result from the completion of all quarter-end close processes or interim events that could arise prior to the issuance of our full unaudited financial statements; changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change; changes in the financial markets that may affect the availability and terms on which we may obtain financing; the ability to execute agreements with customers and implement price increases to offset cost increases; disruptions to our 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; our ability to safely develop, operate, and manage costs of large-scale and technically complex projects; the future financial and operating performance of major customers, joint ventures, and equity affiliates; our ability to develop, implement, and operate new technologies and to market products produced utilizing new technologies; our ability to execute the projects in our backlog and refresh our pipeline of new projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we and our affiliates and joint ventures operate; the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change; changes in tax rates and other changes in tax law; safety incidents relating to our operations; the timing, impact, and other uncertainties relating to acquisitions, divestitures, and joint venture activities, as well as our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers; catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including
ADJUSTED EARNINGS PER SHARE
(Millions of
We view adjusted earnings per share ("EPS") as a key performance metric and provide this non-GAAP financial measure to allow investors, potential investors, securities analysts, and others to evaluate the performance of our business in the same manner as our management. We believe this measure, when viewed together with financial results computed in accordance with
We calculate adjusted EPS by adjusting GAAP EPS to exclude certain items that we believe are not representative of our underlying business performance. For example, we exclude the impact of the non-service components of net periodic benefit/cost for our defined benefit pension plans. Non-service related components are recurring, non-operating items that include interest cost, expected returns on plan assets, prior service cost amortization, actuarial loss amortization, as well as special termination benefits, curtailments, and settlements. Adjusting for the impact of non-service pension components provides management and users of our financial statements with a more accurate representation of our underlying business performance because these components are driven by factors that are unrelated to our operations, such as volatility in equity and debt markets. Further, non-service related components are not indicative of our defined benefit plans' future contribution needs due to the funded status of the plans. Additionally, during the first quarter of fiscal year 2025, we excluded costs associated with our response to actions of activist shareholders, which are not associated with the ongoing operation of our business and are difficult to predict in future periods. We may also exclude certain expenses associated with cost reduction actions and impairment charges as well as gains on disclosed transactions. The reader should be aware that we may recognize similar losses or gains in the future.
The tax impact of our pre-tax non-GAAP adjustments reflects the expected current and deferred income tax impact of our non-GAAP adjustments. These tax impacts are primarily driven by the statutory tax rate of the various relevant jurisdictions and the taxability of the adjustments in those jurisdictions.
NON-GAAP ADJUSTMENTS
In addition to the recurring impact of non-service related components of our defined benefit pension plan, our preliminary first quarter adjusted EPS is adjusted for the items described below.
Shareholder Activism Costs
During the first quarter of fiscal year 2025, we incurred costs of
De-designation of Cash Flow Hedges
During the third quarter of fiscal year 2024, we discontinued cash flow hedge accounting for certain interest rate swaps designed to hedge long-term variable rate debt facilities during the construction period of the NEOM Green Hydrogen Project. These swaps are held by NEOM Green Hydrogen Company, a consolidated joint venture accounted for under the variable interest model, of which Air Products owns a one-third interest. We expect the affected swaps to remain de-designated until outstanding borrowings from the available project financing are commensurate with the notional value of the instruments, at which time these instruments may re-qualify for cash flow hedge accounting. As a result of the de-designation, we recognized an unrealized gain of
We expect to recognize changes to the fair value of the impacted instruments through earnings in future periods until they re-qualify for cash flow hedge accounting. It is not possible to predict the significance of adjustments in future periods given potential interest rate volatility.
RECONCILIATION OF ADJUSTED EPS
The table below reconciles adjusted EPS to GAAP EPS, the most directly comparable GAAP measure. In periods that we have non-GAAP adjustments, we believe it is important for the reader to understand the per share impact of each such adjustment because management does not consider these impacts when evaluating underlying business performance. Per share impacts are calculated independently and may not sum to total EPS and total adjusted EPS due to rounding.
First quarter 2025 GAAP EPS and adjusted EPS are preliminary based upon information available as of the date of this report and is subject to change and finalization based on completion of all quarter end close processes.
Preliminary Q1 2025 vs. Q1 2024 | EPS(A) |
Preliminary Q1 2025 GAAP | |
Q1 2024 GAAP | 2.73 |
Preliminary $ Change GAAP | |
Preliminary % Change GAAP | 1 % |
Preliminary Q1 2025 GAAP | |
Shareholder activism costs | 0.10 |
Gain on de-designation of cash flow hedges | (0.05) |
Non-service pension cost, net | 0.04 |
Preliminary Q1 2025 Non-GAAP ("Adjusted") | |
Q1 2024 GAAP | |
Non-service pension cost, net | 0.08 |
Q1 2024 Non-GAAP ("Adjusted") | |
$ Change Non-GAAP ("Adjusted") | |
% Change Non-GAAP ("Adjusted") | 1 % |
(A) Calculated and presented on a diluted continuing operations basis. | |
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