Air Products (APD) Tops Q1 EPS by 6c, Revenues Miss; Maintains Q2 & FY20 EPS Outlook

Air Products (NYSE: APD) reported Q1 EPS of $2.14, $0.06 better than the analyst estimate of $2.08. Revenue for the quarter came in at $2.25 billion versus the consensus estimate of $2.29 billion.

Q1 FY20 (comparisons versus prior year):

• GAAP EPS of $2.14, up 36 percent; GAAP net income of $489 million, up 37 percent; and GAAP net income margin of 21.7 percent, up 570 basis points
• Adjusted EPS* of $2.14, up 15 percent; adjusted EBITDA margin* of 40.3 percent, up 460 basis points

Commenting on the results, Seifi Ghasemi, chairman, president and chief executive officer, said, "I want to thank our talented Air Products team for delivering another set of strong results for the quarter. Our excellent financial position allows us to invest capital strategically, and this quarter we announced our largest-ever U.S. investment to supply Gulf Coast Ammonia in Texas. Meanwhile, we continue to return cash to our shareholders, announcing an 18-cent, or more than 15 percent, dividend increase that marks our 38th consecutive year of dividend increases."

GUIDANCE:

Air Products sees Q2 2020 EPS of $2.10-$2.20, versus the consensus of $2.25.

Air Products sees FY2020 EPS of $9.35-$9.60, versus the consensus of $9.44.

Ghasemi said, "The Air Products team remains focused on productivity, creating our own growth opportunities and delivering shareholder value. As we look ahead, we see significant opportunities to provide sustainable solutions for the world to meet its energy and productivity needs, and we are working hard to be at the heart of those opportunities."

Air Products is maintaining full-year fiscal 2020 adjusted EPS guidance of $9.35 to $9.60 per share, up 14 to 17 percent over prior year. For the fiscal 2020 second quarter, Air Products\' adjusted EPS guidance is $2.10 to $2.20 per share, up nine to 15 percent over fiscal 2019 second quarter adjusted EPS.

Air Products continues to expect capital expenditures of approximately $4 billion to $4.5 billion for full-year fiscal 2020.

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

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