Air Products (NYSE: APD) reported Q1 EPS of $2.17, $0.02 worse than the analyst estimate of $2.19. Revenue for the quarter came in at $2.38 billion versus the consensus estimate of $2.35 billion.

Q1 FY21 (comparisons versus prior year):

• GAAP EPS of $2.12, down one percent, including an estimated $0.10-$0.15 negative impact from COVID-19; GAAP net income of $487 million, flat; and GAAP net income margin of 20.5 percent, down 120 basis points
• Adjusted EPS* of $2.12, down one percent, including an estimated $0.10-$0.15 negative impact from COVID-19; adjusted EBITDA margin* of 39.2 percent, down 110 basis points

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "The resilient, hard-working and focused Air Products team delivered higher adjusted EBITDA this quarter—as well as maintained adjusted EBITDA margins of nearly 40 percent—despite the continued challenges of the global pandemic. From our position of financial strength, we continued to execute our growth strategy focused on industrial gas projects that address significant energy and environmental challenges. Meanwhile, we continue to create shareholder value through the dividend, with our latest 12 percent increase representing our 39th consecutive year of dividend payment increases."

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