Air Products (APD) Misses Q2 EPS by 5c, Revenues Beat; Offers FY21 3Q EPS Guidance Above Consensus, Affirms FY21 EPS Outlook

Air Products (NYSE: APD) reported Q2 EPS of $2.08, $0.05 worse than the analyst estimate of $2.13. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.36 billion.

• Q2 FY21 (comparisons versus prior year):
  • GAAP EPS of $2.13, down four percent; GAAP net income of $477 million, down three percent; and GAAP net income margin of 19.1 percent, down 300 basis points. These results include an estimated $0.10-$0.15 per share negative impact from COVID-19.
  • Adjusted EPS* of $2.08, up two percent; adjusted EBITDA margin* of 37.3 percent, down 300 basis points. These results include an estimated $0.10-$0.15 per share negative impact from COVID-19.

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Despite ongoing challenges from COVID-19 globally and the severe winter storm in the U.S. Gulf Coast during the quarter, our talented, committed and dedicated team continued to work tirelessly, supporting our customers and successfully executing our megaprojects. Adjusted EPS improved over the prior year, we continued to improve pricing, and we again generated strong cash flow. Meanwhile, Air Products continues to lead with world-scale energy transition projects in gasification, carbon capture and carbon-free hydrogen."

GUIDANCE:

Air Products sees Q3 2021 EPS of $2.30-$2.40, versus the consensus of $2.29.

Air Products sees FY2021 EPS of $8.95-$9.10, versus the consensus of $9.04.

• Fiscal 2021 full-year adjusted EPS guidance* of $8.95 to $9.10, up seven to nine percent over prior year adjusted EPS*; fiscal 2021 third quarter adjusted EPS guidance* of $2.30 to $2.40, up 14 to 19 percent over prior year third quarter adjusted EPS*. This guidance does not include the Jazan transaction or the expected restart of the Lu'An facility.
• Expect fiscal year 2021 capital expenditures* of approximately $2.5 billion. This guidance does not include the Jazan transaction.

For earnings history and earnings-related data on Air Products (APD) click here.

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