Air Products Increases Quarterly Dividend by 8% to $1.75 Per Share

Rhea-AI Summary

Air Products (NYSE: APD) has announced an increase in its quarterly dividend by 13 cents, raising it from $1.62 to $1.75 per share, equating to an 8% increase. This marks the 41st consecutive year of dividend increases, reflecting the company's commitment to rewarding shareholders. The dividend is scheduled to be paid on May 8, 2023, to shareholders on record as of April 3, 2023. The company anticipates distributing over $1.5 billion to shareholders in 2023, emphasizing its stability amidst a challenging macroeconomic environment.

Positive

• Quarterly dividend increased by 8% to $1.75 per share.
• 41st consecutive year of dividend increases.
• Anticipated payout of over $1.5 billion to shareholders in 2023.

Negative

• None.

Move Marks 41^st Consecutive Year of Quarterly Dividend Increases on Company's Common Stock

LEHIGH VALLEY, Pa., Jan. 26, 2023 /PRNewswire/ -- The Board of Directors of Air Products (NYSE: APD) has increased the quarterly dividend on the Company's common stock by 13 cents per share—from $1.62 to $1.75 per share—representing an eight percent increase.

This marks the 41^st consecutive year that Air Products has increased its dividend payment. The dividend is payable on May 8, 2023 to shareholders of record at the close of business on April 3, 2023.

Air Products Chairman, President and Chief Executive Officer Seifi Ghasemi said, "This latest increase in the dividend demonstrates our continued commitment to reward shareholders while executing against our two-pillar growth strategy. We are uniquely positioned to deliver essential industrial gases and expertise to customers in dozens of industries while developing and executing world-scale hydrogen megaprojects to drive the energy transition and move humanity forward. In 2023, we expect to pay out more than $1.5 billion to our shareholders, a further testament to the continued strength and stability of our business in a challenging macroeconomic environment."

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. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets, and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally provides turbomachinery, membrane systems and cryogenic containers.

The Company had fiscal 2022 sales of $12.7 billion from operations in over 50 countries and has a current market capitalization of about $70 billion. More than 21,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and reimagine what's possible to address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com or follow us on LinkedIn, Twitter, Facebook or Instagram.

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SOURCE Air Products