Air Products and Chemicals Inc (APD)

Air Products Membrane Solutions Holds Ribbon-Cutting Event for $70 Million Expansion of its Missouri Manufacturing and Logistics CenterJune 3, 2026 3:52 PM
PR Newswire (US) The Expansion, which has created more than 70 new positions, is Driven by Growing Interest in the Biogas, Aerospace and Marine Industries Air Products Foundation also Announced $30,000 in Grants to Support Local Non-Profit OrganizationsLEHIGH VALLEY, Pa., June 3, 2026 /PRNewswire/ -- Air Products (NYSE:APD), the global leader in the production of gas separation and purification membranes, today hosted a ribbon-cutting celebration at the new $70 million expansion of its Missouri Manufacturing and Logistics Center in Maryland Heights, near St. Louis, Missouri. The expansion, which is Air Products Membrane Solutions' largest ever investment in a single location, is driven by growing product demand in biogas and hydrogen recovery applications, as well as customer needs for the use of nitrogen for the aerospace industry and cleaner fuels for the marine industry.Products manufactured at the new facility will include the PRISM® GreenSep membrane separator for bio-LNG production, and the PRISM® N2Sep membrane separator designed to separate nitrogen from compressed air."This is a great day for Air Products Membrane Solutions and the area community," said Dr. Erin Sorensen, general manager, Air Products Membrane Solutions. "This expansion of our Maryland Heights facility enables Air Products Membrane Solutions to meet growing customer demand and help our customers work more efficiently and further our collaborative goal of building a cleaner, more productive world."A crowd of more than 100 guests including state and local leaders joined Air Products Membrane Solutions employees for the event. Those in attendance included program speakers Walter Nelson, Air Products, President, Equipment Business & Technical Solutions; Kayla Kueckelhan, Deputy Director of the Missouri Department of Economic Development; and Mike Moeller, Mayor, Maryland Heights, Missouri.Air Products has completed more than 70 hires in the region to support the new manufacturing facility. More than 250 employees now work at the facility.At the event, the Air Products Foundation also announced two grants totaling $30,000 to support non-profits in the St. Louis area. The Air Products Foundation awarded $15,000 to Backstoppers, a nonprofit that supports first responders, and $15,000 to The Foundation for Barnes-Jewish Hospital.Air Products Membrane Solutions specializes in the development of hollow fiber membrane separators and systems for onsite gas generation. Air Products Membrane Solutions designs, engineers, manufactures, and markets a full portfolio of PRISM® Membrane Separators, Marine Systems, and Engineered-to-Order Systems to protect lives and goods at sea, on land, and in the air. Air Products' systems are also designed to create more sustainable energy sources and raise productivity across a variety of industries and applications.For more information on Air Products Membrane Solutions, visit membranesolutions.com.About Air ProductsAir Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.Cautionary Note Regarding Forward-Looking StatementsThis release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These 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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based. View original content to download multimedia:https://www.prnewswire.com/news-releases/air-products-membrane-solutions-holds-ribbon-cutting-event-for-70-million-expansion-of-its-missouri-manufacturing-and-logistics-center-302790678.htmlSOURCE Air Products Original: Air Products Membrane Solutions Holds Ribbon-Cutting Event for $70 Million Expansion of its Missouri Manufacturing and Logistics Center

Air Products to Speak at Bernstein Strategic Decisions Conference on May 27May 20, 2026 11:00 AM
PR Newswire (US) LEHIGH VALLEY, Pa., May 20, 2026 /PRNewswire/ -- Air Products' (NYSE: APD) Chief Executive Officer Eduardo Menezes and Chief Financial Officer Melissa Schaeffer will participate in a fireside chat at the Bernstein 42nd Annual Strategic Decisions Conference on Wednesday, May 27, 2026 at 9:00 a.m. USET. Access the audio webcast from via Air Products' Investor Relations Event Details website.  About Air Products Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram. View original content to download multimedia:https://www.prnewswire.com/news-releases/air-products-to-speak-at-bernstein-strategic-decisions-conference-on-may-27-302776643.htmlSOURCE Air Products Original: Air Products to Speak at Bernstein Strategic Decisions Conference on May 27

Air Products to Showcase Technology Solutions for Sustainable Iron and Steel Production at AISTech2026May 1, 2026 1:49 PM
PR Newswire (US)

Air Products Foundation will Donate up to $15,000 to the AIST FoundationLEHIGH VALLEY, Pa., May 1, 2026 /PRNewswire/ -- Air Products (NYSE:APD) will showcase industrial gas solutions for all phases of iron and steel production at AISTech2026 from May 4-7 at the David L. Lawrence Convention Center in Pittsburgh, Pennsylvania.







Those attending are invited to stop by Air Products' booth #1336 to speak with an industry specialist. Visitors can learn more about Air Products' full suite of on-site gas supply offerings and broad range of technology solutions for the iron and steel industry, from oxy-fuel to hydrogen to carbon capture, including our Smart Technology platform for more efficient gas use and process planning.By visiting Air Products' booth, attendees will also be helping the AIST Foundation, which funds initiatives to promote the steel industry as a viable and rewarding career choice for young engineers. The Air Products Foundation has pledged to donate $100 to the AIST Foundation – up to $15,000 in all – for each registered attendee who visits the Air Products booth.In addition to showcasing industrial gas solutions in its booth, Air Products' Commercial Technology Manager, Dr. Anup Sane, will deliver a presentation titled "Enhancing the Value-in-Use of Direct Reduced Iron in Electric Steelmaking," at 3 p.m. on Monday, May 4th during the Direct Reduced Iron: DRI Melting Session.In that session, Dr. Sane will introduce two combustion-based solutions to support sustainable steelmaking, including the preheating of cold Direct Reduced Iron (DRI) and melting of DRI into hot metal.A global leading industrial gas supplier, Air Products brings decades of experience in gas supply and technology to improve the operational performance of metals producers. Air Products offers a full line of gases including argon, carbon dioxide, helium, hydrogen, nitrogen, oxygen and gas blends, with a broad range of supply mode options and purity levels to suit the needs of every operation. Air Products can also provide a wide variety of technical services and innovative gas-based technologies to help companies lower costs and improve productivity, while minimizing the environmental impact of production processes.For more information about Air Products' full range of offerings for the iron and steel industry visit Air Products' Industrial Decarbonization webpage.About Air ProductsAir Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.Cautionary Note Regarding Forward-Looking StatementsThis release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These 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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.



View original content to download multimedia:https://www.prnewswire.com/news-releases/air-products-to-showcase-technology-solutions-for-sustainable-iron-and-steel-production-at-aistech2026-302760380.htmlSOURCE Air Products

Original: Air Products to Showcase Technology Solutions for Sustainable Iron and Steel Production at AISTech2026

Air Products Reports Fiscal 2026 Second Quarter ResultsApril 30, 2026 6:00 AM
PR Newswire (US)

Delivered strong underlying performance | Positioned for helium supply chain resilience | New wins in Electronics and Aerospace
Continued focus on key priorities: unlock earnings growth, optimize large projects, maintain capital discipline
Raising fiscal 2026 full-year adjusted EPS guidance*Q2 FY26 Summary of Results:GAAP earnings per share ("EPS")# of $3.19 and GAAP operating income of $753 million, each up over 130% versus prior yearAdjusted EPS* of $3.20 and adjusted operating income* of $753 million, each up 19 percent versus prior year and exceeding top-end of adjusted EPS* guidanceGuidanceRaising fiscal 2026 full-year adjusted EPS guidance* to $13.00 to $13.25; fiscal 2026 third quarter adjusted EPS guidance* of $3.25 to $3.35Continue to expect fiscal year 2026 capital expenditures* of approximately $4.0 billionNews and HighlightsElectronics growth: Selected by Samsung to build, own and operate multiple production facilities and bulk specialty gas supply system for new advanced semiconductor fab in South Korea Space sector growth: Supplied critical liquid hydrogen and helium for NASA's historic Artemis II mission; announced plans for new air separation unit in City of Cocoa, FloridaHelium supply chain resilience: Increasing production in U.S. network to support global customers; drawing from dedicated U.S. helium storage cavern and increasing liquefaction to further strengthen inventory; repositioning portions of large ISO container fleet to help manage supply flowsFiscal 2026 Second Quarter Consolidated Results (comparison versus prior year)LEHIGH VALLEY, Pa., April 30, 2026 /PRNewswire/ -- Air Products (NYSE:APD) today reported second quarter fiscal 2026 GAAP operating income of $753 million and GAAP EPS# of $3.19, each up over 130%, and GAAP operating margin of 23.7 percent, compared to negative 79.8 percent in the prior year. This improvement primarily reflects prior-year losses related to charges for business and asset actions. The non-GAAP financial measures discussed below exclude these charges, as well as other prior-year items, as described in the "Reconciliations of Non-GAAP Financial Measures" section beginning on page 8 of this release.







On a non-GAAP basis, second quarter adjusted operating income* of $753 million and adjusted EPS* of $3.20 each increased 19 percent, reflecting higher on-site volumes, favorable currency, and lower costs driven by productivity and lower depreciation, net of fixed-cost inflation and higher Americas maintenance. A pricing headwind driven by helium was partially mitigated by pricing improvements across non-helium product lines. Adjusted operating margin* of 23.7 percent increased from 21.6 percent in the prior year, primarily due to higher volumes and productivity, partially offset by energy cost pass-through and price.Second quarter sales of $3.2 billion increased nine percent, reflecting four percent higher volumes, four percent favorable currency and two percent higher energy cost pass-through, partially offset by one percent lower pricing.Commenting on the results, Chief Executive Officer Eduardo Menezes said, "Despite macroeconomic volatility, Air Products delivered 19% growth in adjusted EPS and adjusted operating income improvement across segments. We saw higher on-site volumes and made continued progress on productivity and pricing. We also took actions to strengthen helium supply chain resilience for customers, including drawing from our U.S. storage cavern, increasing U.S. liquefaction, and optimizing our logistics network and container fleet. Looking ahead, we remain focused on our key priorities—unlocking earnings growth, optimizing large projects and maintaining capital discipline." # Per share amounts are calculated and presented on a diluted basis from continuing operations attributable to Air Products.

* Certain results in this release include references to non-GAAP financial measures on a consolidated, continuing operations basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. Management is unable to reconcile, without unreasonable efforts, the Company's forecasted range of adjusted EPS or capital expenditures to a comparable GAAP range or amount because management is not able to predict the timing or occurrence of events or transactions that management believes are not representative of the Company's underlying business performance or the timing or occurrence of future investment activity, which are necessary to calculate forward-looking adjusted EPS from continuing operations and capital expenditures, respectively. Refer to the "Capital Expenditures" and "Adjusted EPS Outlook" sections on pages 10 and 11, respectively, for additional information.Fiscal 2026 Second Quarter Results by Business Segment Americas sales of $1.4 billion were up eight percent from the prior year, on four percent higher energy cost pass-through, three percent higher volumes, and one percent favorable currency. Operating income of $374 million increased two percent on favorable volumes, partially offset by higher maintenance and lower helium pricing. Volumes were up for both on–site and merchant, including helium, partially offset by income from a favorable one–time customer contract amendment in the prior year. Pricing was lower despite improvements across non-helium product lines mitigating higher power costs. Operating margin of 27.0 percent decreased 140 basis points compared to the prior year, driven by a headwind of approximately 100 basis points from higher energy cost pass–through.Asia sales of $833 million increased eight percent from the prior year on four percent higher volumes, four percent favorable currency, and one percent higher energy cost pass-through, partially offset by one percent lower pricing. Operating income of $240 million increased 25 percent as reduced depreciation due to certain gasification assets being classified as held for sale, productivity improvements, higher on-site and helium volumes, and favorable currency were partially offset by the lower helium pricing. Operating margin of 28.8 percent improved 410 basis points.Europe sales of $789 million increased eight percent from the prior year on nine percent favorable currency and two percent higher volumes, partially offset by two percent lower energy cost pass-through and one percent lower pricing driven by helium. Operating income of $212 million increased eight percent as higher volumes, favorable currency, and pricing benefits from non-helium products and lower power costs were partially offset by higher costs, including depreciation and fixed-cost inflation. The volume improvement was driven by on-sites, including a prior year turnaround, partially offset by lower helium. Operating margin of 26.8 percent decreased 10 basis points.Middle East and India equity affiliates' income of $79 million increased one percent from the prior year.Corporate and other sales of $137 million increased 45 percent from the prior year. Operating loss of $77 million decreased 35 percent on lower changes to sale of equipment project estimates and productivity improvements.Outlook
With a strong first half and outperformance in market volume, Air Products now expects full-year fiscal 2026 adjusted EPS guidance* in the range of $13.00 to $13.25. For the fiscal 2026 third quarter, Air Products' adjusted EPS guidance* is $3.25 to $3.35. Air Products remains cautious given uncertainty around the macroeconomic environment but expects to see benefits in the second half from continued non-helium pricing actions, progress on productivity actions, and new assets ramping up.Air Products continues to expect capital expenditures* of approximately $4.0 billion for full-year fiscal 2026.Earnings Teleconference
Access the fiscal 2026 second quarter earnings teleconference scheduled for 8:00 a.m. Eastern Time on April 30, 2026 by calling 646-769-9200 and entering passcode 5660820 or by accessing the Event Details page on Air Products' Investor Relations website.About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit www.airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.Cautionary Note Regarding Forward-Looking StatementsThis 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, investment opportunities and potential transactions that are subject to ongoing negotiations and their expected impact and timing. 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 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 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 safely and effectively 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, our affiliates and joint ventures, and our customers and other counterparties 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, joint venture activities, and other commercial transactions, 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 Russia's invasion of Ukraine, the conflict with Iran and other new and ongoing conflicts in the Middle East, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the commencement and success of any productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based. Air Products and Chemicals, Inc. and SubsidiariesCONSOLIDATED INCOME STATEMENTS(Unaudited)


Three Months EndedSix Months Ended

31 March31 March(Millions of U.S. Dollars, except for share and per share data)
2026202520262025Sales
$3,171.8$2,916.2$6,274.3$5,847.7Cost of sales
2,184.42,053.94,291.94,070.4Selling and administrative expense
227.2222.0455.9464.4Research and development expense
21.622.942.044.9Business and asset actions
—2,927.922.02,927.9Shareholder activism-related costs
—31.4—61.3Other income (expense), net
14.113.924.736.8Operating Income (Loss)
752.7(2,328.0)1,487.2(1,684.4)Equity affiliates' income
179.4145.5351.6296.1Interest expense
49.542.2104.084.8Other non-operating income (expense), net
0.9(18.6)(0.5)20.3Income (Loss) Before Taxes
883.5(2,243.3)1,734.3(1,452.8)Income tax expense (benefit)
158.7(505.8)318.1(365.1)Net Income (Loss)
724.8(1,737.5)1,416.2(1,087.7)Net income (loss) attributable to noncontrolling interests
14.4(6.9)27.625.5Net Income (Loss) Attributable to Air Products
$710.4($1,730.6)$1,388.6($1,113.2)





Per Share Data (U.S. Dollars per share)




Basic earnings (loss) per share attributable to Air Products
$3.19($7.77)$6.23($5.00)Diluted earnings (loss) per share attributable to Air Products
$3.19($7.77)$6.23($5.00)





Weighted Average Common Shares (in millions)




Basic
222.8222.8222.8222.7Diluted
222.9222.8222.9222.7 Air Products and Chemicals, Inc. and SubsidiariesCONSOLIDATED BALANCE SHEETS(Unaudited)

31 March30 September(Millions of U.S. Dollars)20262025Assets

Current Assets

Cash and cash items$951.0$1,856.0Trade receivables, net1,937.71,901.2Inventories767.9776.5Prepaid expenses171.2174.9Assets held for sale467.0427.7Other receivables and current assets717.8689.5Total Current Assets$5,012.6$5,825.8Investment in net assets of and advances to equity affiliates5,409.35,366.1Plant and equipment, at cost44,553.542,754.8Less: accumulated depreciation17,859.817,417.0Plant and equipment, net$26,693.7$25,337.8Goodwill, net958.7963.9Intangible assets, net283.5293.5Operating lease right-of-use assets, net917.8944.0Noncurrent lease receivables291.1307.1Financing receivables955.61,000.0Other noncurrent assets1,122.41,021.3Total Noncurrent Assets$36,632.1$35,233.7Total Assets$41,644.7$41,059.5Liabilities and Equity

Current Liabilities

Payables and accrued liabilities$2,856.9$3,237.7Accrued income taxes118.7179.4Short-term borrowings314.434.7Current portion of long-term debt173.5716.3Liabilities held for sale49.850.5Total Current Liabilities$3,513.3$4,218.6Long-term debt17,086.616,769.9Long-term debt – related party183.3177.5Noncurrent operating lease liabilities600.1616.0Other noncurrent liabilities1,378.61,348.1Deferred income taxes733.0579.6Total Noncurrent Liabilities$19,981.6$19,491.1Total Liabilities$23,494.9$23,709.7Air Products Shareholders' Equity15,649.915,024.9Noncontrolling Interests2,499.92,324.9Total Equity$18,149.8$17,349.8Total Liabilities and Equity$41,644.7$41,059.5 Air Products and Chemicals, Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)


Six Months Ended

31 March(Millions of U.S. Dollars)
20262025Operating Activities


Net income (loss)
$1,416.2($1,087.7)Less: Net income attributable to noncontrolling interests
27.625.5Net income (loss) attributable to Air Products
$1,388.6($1,113.2)Adjustments to reconcile income to cash provided by operating activities:


Depreciation and amortization
$745.7$750.4Deferred income taxes
125.6(540.1)Tax reform repatriation
—(34.9)Business and asset actions
22.02,927.9Undistributed earnings of equity method investments
(34.7)(129.4)Gain on sale of assets and investments
(4.0)(12.3)Share-based compensation
26.554.7Noncurrent lease receivables
24.128.0Other adjustments
(18.1)(87.8)Working capital changes that provided (used) cash, excluding effects of acquisitions:


Trade receivables
(17.5)(66.9)Inventories
5.0(24.4)Other receivables
(22.2)6.5Payables and accrued liabilities
(246.4)(47.7)Other working capital
9.8(571.0)Cash Provided by Operating Activities
$2,004.4$1,139.8Investing Activities


Additions to plant and equipment, including long-term deposits
($2,358.8)($4,009.1)Investments in and advances to unconsolidated affiliates
(20.0)(365.4)Investments in financing receivables
—(35.8)Proceeds from sale of assets and investments
49.036.5Purchases of short-term investments
—(117.6)Proceeds from short-term investments
—11.1Proceeds from other investing activities
11.060.9Cash Used for Investing Activities
($2,318.8)($4,419.4)Financing Activities


Long-term debt proceeds
$439.2$2,002.5Payments on long-term debt
(588.7)(332.3)Net increase in commercial paper and short-term borrowings
269.7645.6Dividends paid to shareholders
(797.0)(787.4)Investments by noncontrolling interests
120.5355.7Other financing activities
(34.8)(59.0)Cash (Used for) Provided by Financing Activities
($591.1)$1,825.1Effect of Exchange Rate Changes on Cash
0.5(33.8)Decrease in cash and cash items
($905.0)($1,488.3)Cash and cash items – Beginning of Year
1,856.02,979.7Cash and Cash Items – End of Period
$951.0$1,491.4Supplemental Cash Flow Information


Cash paid for taxes, net of refunds
$263.4$710.1 Air Products and Chemicals, Inc. and SubsidiariesBUSINESS SEGMENT INFORMATION(Unaudited)
(Millions of U.S. Dollars)AmericasAsiaEuropeMiddle East and IndiaCorporateand otherTotalThree Months Ended 31 March 2026Sales$1,383.9$832.6$789.0$29.2$137.1$3,171.8Operating income (loss)(A)373.9240.0211.64.6(77.4)752.7Depreciation and amortization171.7116.872.56.08.0375.0Equity affiliates' income55.811.731.979.20.8179.4Three Months Ended 31 March 2025Sales$1,287.2$774.1$727.4$32.8$94.7$2,916.2Operating income (loss)(A)365.7191.4195.5(2.9)(118.4)631.3Depreciation and amortization178.4131.856.86.410.2383.6Equity affiliates' income(B)31.210.527.778.24.7152.3Six Months Ended 31 March 2026Sales$2,725.6$1,664.1$1,571.0$59.5$254.1$6,274.3Operating income (loss)(A)777.7472.3435.110.4(186.3)1,509.2Depreciation and amortization343.6229.5142.312.218.1745.7Equity affiliates' income (loss)107.525.555.3163.7(0.4)351.6Six Months Ended 31 March 2025Sales$2,574.8$1,591.2$1,424.6$65.6$191.5$5,847.7Operating income (loss)(A)753.9407.8382.0(3.5)(235.4)1,304.8Depreciation and amortization351.8254.7111.312.919.7750.4Equity affiliates' income(B)66.320.845.9163.26.7302.9Total Assets





31 March 2026$12,651.3$6,736.1$7,118.7$11,520.1$3,618.5$41,644.730 September 202512,058.76,712.26,916.810,919.44,452.441,059.5

(A) Operating income (loss) for our reportable segments does not include gains or losses that management does not consider to be indicative of underlying business performance, such as charges related to business and asset actions. Refer below for a reconciliation of total segment operating income to consolidated results.(B) Segment equity affiliates' income for the three and six months ended 31 March 2025 excludes a $6.8 impairment charge related to a joint venture in China, which was recorded as part of our business and asset actions during the second quarter of fiscal year 2025. As a result, total segment equity affiliates' income does not reconcile to equity affiliates' income for the total company as reported on the consolidated income statement for the three and six months ended 31 March 2025.Reconciliation of Total Segment Operating Income to Consolidated ResultsThe table below reconciles total segment operating income to income (loss) before taxes as reflected on our consolidated income statements:
Three Months EndedSix Months Ended
31 March31 March(Millions of U.S. Dollars)2026202520262025Total Segment Operating Income$752.7$631.3$1,509.2$1,304.8Business and asset actions—(2,927.9)(22.0)(2,927.9)Shareholder activism-related costs—(31.4)—(61.3)Consolidated Operating Income (Loss)$752.7($2,328.0)$1,487.2($1,684.4)Equity affiliates' income179.4145.5351.6296.1Interest expense49.542.2104.084.8Other non-operating income (expense), net0.9(18.6)(0.5)20.3Income (Loss) Before Taxes$883.5($2,243.3)$1,734.3($1,452.8)RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Millions of U.S. Dollars unless otherwise indicated, except for per share data)We present certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP") because they exclude items that management does not consider to be representative of our underlying business operations. We provide these adjusted non-GAAP financial measures to allow investors, potential investors, securities analysts, and others to evaluate our business in the same manner as management. When viewed together with our GAAP results, we believe these non-GAAP financial measures offer a more complete understanding of the factors and trends affecting our financial performance and support analysis of our results on a more consistent basis.Readers are cautioned that non–GAAP financial measures have inherent limitations and should not be considered in isolation or as a substitute for the corresponding GAAP measures. Our definitions and calculations of non–GAAP financial measures may differ from those used by other companies, which may limit comparability.Non-GAAP Performance Measures
Management uses non-GAAP performance measures, including adjusted operating income, adjusted operating margin, and adjusted earnings per share ("EPS"), to assess our performance because these measures exclude items that management does not consider to be representative of our underlying business operations. In addition, adjusted operating income and adjusted EPS are important components of our incentive compensation plans. We also use adjusted operating margin to assess operational efficiency, cost discipline, and overall profitability.Our non–GAAP performance measures are adjusted to exclude gains or losses that management believes are not associated with the ongoing operations of our business. These adjustments, which are described below for the periods presented, are not reflected in the results of our reportable segments. Although these items are often difficult to predict, readers should be aware that similar gains or losses may occur in future periods. The related tax effects reflect the expected current and deferred income tax impacts of our non-GAAP adjustments, which are primarily driven by the statutory tax rates of the applicable jurisdictions and the taxability of the underlying adjustments in those jurisdictions.We reconcile each non–GAAP performance measure to its most directly comparable GAAP measure in the table below, followed by descriptions of each non-GAAP adjustment. Margins are calculated by dividing the applicable line item by consolidated sales for the relevant period. In addition to our non-GAAP performance measures, we also present components used in calculating adjusted EPS to illustrate the per share effect of our non–GAAP adjustments. All per share amounts are calculated on a diluted basis from continuing operations attributable to Air Products. Because margins and per share amounts are calculated independently, the individual components may not sum to the related totals due to rounding.Q2 2026 vs. Q2 2025Operating
Income/LossOperating
MarginEquity Affiliates' IncomeOther Non-
Operating
Inc/Exp,
NetIncome Tax
Expense/
BenefitNet
Income/Loss
Attributable to
Air ProductsEarnings/
Loss per
Share (A)Q2 2026 GAAP Measures$752.723.7 %$179.4$0.9$158.7$710.4$3.19Q2 2025 GAAP Measures(2,328.0)(79.8) %145.5(18.6)(505.8)(1,730.6)(7.77)$ GAAP Change $3,080.7




$10.96%/bp GAAP Change132 %                10,350 bp



141 %Q2 2026 GAAP Measures$752.723.7 %$179.4$0.9$158.7$710.4$3.19Non-service pension cost, net—— %—4.61.13.50.02Q2 2026 Adjusted Measures$752.723.7 %$179.4$5.5$159.8$713.9$3.20Q2 2025 GAAP Measures($2,328.0)(79.8) %$145.5($18.6)($505.8)($1,730.6)($7.77)Business and asset actions(B) 2,927.9100.4 %6.8—640.62,290.610.28Shareholder activism-related costs31.41.0 %——0.431.00.14Loss on de-designation of cash flow hedges(C)—— %—11.51.03.00.01Non-service pension cost, net—— %—10.72.78.00.04Tax reform adjustment related to deemed foreign dividends—— %——34.9(34.9)(0.16)Tax on repatriation of foreign earnings—— %——(31.4)31.40.14Q2 2025 Adjusted Measures$631.321.6 %$152.3$3.6$142.4$598.5$2.69$ Adjusted Change$121.4




$0.51%/bp Adjusted Change19 %    210 bp



19 %

(A) Calculated and presented on a diluted basis from continuing operations attributable to Air Products. Because we reported a loss from operations in the prior year, Q2 2025 GAAP loss per share was calculated using the basic weighted average share value of 222.8 million and Q2 2025 adjusted earnings per share was calculated using a diluted weighted average share value of 222.9 million.(B) Charge attributable to noncontrolling interests was $3.5.(C) Loss attributable to noncontrolling interests was $7.5.Non-GAAP AdjustmentsPrior-Year Business and Asset Actions
During the second quarter of fiscal year 2025, we recognized charges of approximately $2.9 billion ($2.3 billion attributable to Air Products after tax, or $10.28 per share), primarily related to decisions to exit certain clean energy generation and distribution projects. Additional information regarding these actions is included in Exhibit 99.1 to our Current Report on Form 8-K dated 1 May 2025.Prior-Year Shareholder Activism-Related Costs
We recorded shareholder activism-related costs in fiscal year 2025 in connection with a proxy contest that concluded in January 2025 following certification of the election of directors at the 2025 Annual Meeting of Shareholders. Costs incurred during the second quarter were $31.4 ($31.0 after tax, or $0.14 per share), primarily reflecting executive separation costs following the Board of Directors' appointment of a new chief executive officer in February 2025.Prior-Year Gain on De-designation of Cash Flow Hedges
In fiscal year 2024, we discontinued cash flow hedge accounting for certain interest rate swaps due to changes in the anticipated drawdown timeline for hedged borrowings related to 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, in which Air Products holds a one-third ownership interest. As a result of the de-designation, unrealized gains and losses related to the affected swaps were recorded in "Other non-operating income (expense), net" on our consolidated income statements. During the second quarter of fiscal year 2025, we recorded an unrealized loss of $11.5 ($3.0 attributable to Air Products after tax, or $0.01 per share), with $7.5 attributable to our noncontrolling partners.We re-designated the affected swaps as cash flow hedges when the outstanding borrowings under the available project financing became commensurate with the swaps' notional values. As of 1 January 2026, all swaps were re-designated as cash flow hedges.Non-Service Related Pension Items
Non-service related pension items resulted in net non-operating costs of $4.6 ($3.5 after tax, or $0.02 per share) in the second quarter of fiscal year 2026 compared to $10.7 ($8.0 after tax, or $0.04 per share) in the second quarter of fiscal year 2025. 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. The net impact of non-service related components is reflected within "Other non-operating income (expense), net" on our consolidated income statements. 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.Prior-Year Tax ItemsTax Reform Adjustment Related to Deemed Foreign Dividends
During the second quarter of fiscal year 2025, we recorded a net income tax benefit of $34.9 related to our intent to file a refund claim after a review of several U.S. Tax Court cases regarding the U.S. taxation of deemed foreign dividends in the transition year of the U.S. Tax Cuts and Jobs Act (our fiscal year 2018). While we were not a party to these cases, the opinions resulted in a change to our intent to pursue a refund claim.Tax on Repatriation of Foreign Earnings
During the second quarter of fiscal year 2025, we recorded an income tax expense of $31.4 related to estimated withholding taxes on foreign earnings that we no longer intended to indefinitely reinvest.Capital Expenditures (Non-GAAP)Capital expenditures is a non-GAAP financial measure that management uses to evaluate our deployment of capital and assess alignment with our strategic priorities. Our calculation of this measure begins as the sum of cash paid for additions to plant and equipment, including long-term deposits, acquisitions (less cash acquired), investment in and advances to unconsolidated affiliates, and investment in financing receivables, each of which are reported on our consolidated statements of cash flows.We then adjust this amount to exclude spending for additions to plant and equipment by our consolidated joint venture, NEOM Green Hydrogen Company ("NGHC"), to the extent such spending is funded by sources other than Air Products' cash. These other funding sources include NGHC's project financing, which is non–recourse to Air Products, as well as equity contributions from the other joint venture partners. Management believes this adjustment provides a more useful view of the capital we deploy to support the ongoing growth of our business.The most directly comparable GAAP measure to our non–GAAP capital expenditures is "Cash used for investing activities," as reported on our consolidated statements of cash flows. The reconciliation of cash used for investing activities to our reported capital expenditures is provided below:



Six Months Ended
31 March
20262025Cash used for investing activities$2,318.8$4,419.4Proceeds from sale of assets and investments49.036.5Purchases of short-term investments—(117.6)Proceeds from short-term investments—11.1Proceeds from other investing activities11.060.9NGHC expenditures not funded by Air Products' equity(A)(590.4)(1,470.9)Capital expenditures$1,788.4$2,939.4

(A) Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture. Substantially all the funding we provide to NGHC is limited for use by the joint venture for its capital expenditures.The table below outlines the cash flow components included in our definition of capital expenditures:
Six Months Ended
31 March
20262025Additions to plant and equipment, including long-term deposits$2,358.8$4,009.1Investments in and advances to unconsolidated affiliates20.0365.4Investments in financing receivables—35.8NGHC expenditures not funded by Air Products' equity(A)(590.4)(1,470.9)Capital expenditures$1,788.4$2,939.4

(A) Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture. Substantially all the funding we provide to NGHC is limited for use by the joint venture for its capital expenditures.Outlook for Investing Activities
It is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because management is unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. These decisions, either individually or in the aggregate, could have a significant effect on our cash used for investing activities. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted capital expenditures to future cash used for investing activities.We expect capital expenditures of approximately $4.0 billion for fiscal year 2026.Adjusted EPS Outlook (Non-GAAP)The adjusted EPS guidance below is provided on a diluted basis from continuing operations attributable to Air Products and is compared to historical adjusted EPS. These adjusted measures exclude the impact of certain items that we believe are not representative of our underlying business performance, such as the non-service components of net periodic benefit/cost for our defined benefit pension plans, the incurrence of costs for business, asset, and cost reduction actions and impairment charges, or the recognition of gains or losses on certain disclosed items. The per share impact for each non-GAAP adjustment is calculated independently and may not sum to total adjusted EPS due to rounding.It is not possible, without unreasonable efforts, to predict the timing or occurrence of these or similar future events or the potential for other events or transactions that may impact future GAAP EPS. Furthermore, it is not possible to identify the potential significance of these events in advance; however, any of these events, if they were to occur, could have a significant effect on our future GAAP EPS. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted range of adjusted EPS to a comparable GAAP range.



Diluted EPS
Q3Full Year2025 Earnings (Loss) Per Share$3.24($1.74)Business and asset actions0.0713.68Shareholder activism-related costs0.080.32Gain on sale of business(0.23)(0.23)Gain on sale of other assets(0.11)(0.11)Gain on de-designation of cash flow hedges—(0.03)Non-service pension cost, net0.040.15Tax reform adjustment related to deemed foreign dividends—(0.16)Tax on repatriation of foreign earnings—0.142025 Adjusted EPS$3.09$12.032026 Adjusted EPS Outlook$3.25 – $3.35$13.00 – $13.25$ Change0.16 – 0.260.97 – 1.22% Change5% – 8%8% – 10% 



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Original: Air Products Reports Fiscal 2026 Second Quarter Results

Air Products to Expand Industrial Gas Supply for Samsung Electronics' Next-Generation Semiconductor Fab in South KoreaApril 29, 2026 12:00 PM
PR Newswire (US)

New investment underscores the company's long-term commitment to Korea and its leading role in the global semiconductor industry LEHIGH VALLEY, Pa., April 29, 2026 /PRNewswire/ -- Air Products (NYSE:APD), a world-leading industrial gases company and serving Samsung globally, today announced it has been selected by Samsung to supply industrial gases for its new advanced semiconductor fab in Pyeongtaek, Gyeonggi Province, South Korea.







Under the agreement, Air Products will build, own and operate multiple state-of-the-art production facilities and a bulk specialty gas supply system to supply nitrogen, oxygen, argon, and hydrogen for Samsung's new semiconductor fab. The new facilities are expected to come onstream in multiple phases from 2028 through 2030.Air Products has a long track record of executing multiple phase expansions in Pyeongtaek to support Samsung's growing manufacturing needs. This latest project represents Air Products' largest investment to date in the semiconductor industry and will establish Pyeongtaek as the company's single largest operations site globally supporting the electronics industry. "Air Products is honored to be selected once again by Samsung and to have their continued confidence as a trusted partner supporting their strategic growth plans," said SR Kim, President, Air Products Korea. "This significant investment reinforces Air Products' role as a leading global supplier to the semiconductor industry and underscores our long-standing commitment to supporting our strategic customers with safety, reliability, efficiency and excellent service."Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world's leading technology companies. The company has operated in Korea for more than 50 years and has established a strong position in electronics and manufacturing sectors.About Air ProductsAir Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These 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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.



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Original: Air Products to Expand Industrial Gas Supply for Samsung Electronics' Next-Generation Semiconductor Fab in South Korea

Air Products to Build, Own and Operate New Air Separation Unit in FloridaApril 24, 2026 10:45 AM
PR Newswire (US)

ASU will Supply Products to Meet Continuing Growth of Space Launch Industry LEHIGH VALLEY, Pa., April 24, 2026 /PRNewswire/ -- Air Products (NYSE:APD), a world-leading industrial gas supplier, today announced plans to build, own and operate a new air separation unit (ASU) in the City of Cocoa, Florida. The ASU will produce liquid oxygen, nitrogen and argon. The plant is targeted to be on stream in the second half of 2028."The facility's ideal location will provide a clear opportunity to further enhance our support for space launch providers in Florida," said Francesco Maione, Air Products' President, Americas, Helium and Rare Gases.All three products—liquid oxygen, liquid nitrogen and liquid argon—will also be available for the regional merchant market for industries including metals processing and fabrication, medical and chemical.Air Products has operated an ASU in Florida for over three decades in Orlando supporting the local economy with medical and industrial gases. This new ASU will further enhance the company's regional coverage.  In total, Air Products has approximately 70 ASUs across the United States.About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.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. These 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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.



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Original: Air Products to Build, Own and Operate New Air Separation Unit in Florida

Air Products to Showcase Industrial Decarbonization Solutions at the Canadian Hydrogen Convention in Edmonton, AlbertaApril 17, 2026 10:00 AM
PR Newswire (US)

Air Products' Industry Experts will Present Details of Recent Hydrogen Boiler Trials, And Showcase Technology to Help Heavy-Duty Transportation DecarbonizeLEHIGH VALLEY, Pa., April 17, 2026 /PRNewswire/ -- Air Products (NYSE:APD) will highlight how its innovative hydrogen technologies and expertise can help heavy industry and heavy-duty transportation improve efficiency and reach decarbonization goals at the Canadian Hydrogen Convention on April 21-22, at the Edmonton Convention Centre, in Edmonton, Alberta, Canada.







"Air Products has deep roots in Edmonton. We are excited to again take part in the Canadian Hydrogen Convention and have the opportunity to share information on our innovative technologies and growth in the Edmonton region," said Rachel Smith, Vice President and General Manager, Canada Low Carbon Hydrogen. "We look forward to continuing to collaborate with industry throughout Alberta and Western Canada to help them meet their decarbonization goals."Smith will provide opening remarks on day two of the convention at 9:45 a.m. on Wednesday, April 22, in Hall A on the assembly level of the convention.Those attending the Canadian Hydrogen Convention are invited to visit Air Products' booth #614 on the exhibit floor to speak with an industry specialist and learn how industrials gases, such as hydrogen can improve or enhance their industrial processes.Air Products' industry experts will present at the following sessions during the Canadian Hydrogen Convention:Expanding Markets for Hydrogen: A Breakthrough Boiler Burner Technology to Enable Low NOX Performance and Decarbonization Using Hydrogen. Timothy Lebrecht, Air Products' Industry Manager, Chemical and Clean Energy Processes, will highlight a novel, low-carbon, hydrogen–capable boiler burner that enables emission reductions in existing industrial infrastructure. This burner technology provides stable steam performance and nearly identical steam production across the full hydrogen blend range, from zero to 100 percent, when combined with natural gas. The session is scheduled from 10:15 to 10:45 a.m. on Tuesday, April 21 at H2 Tech Hub 3, exhibition floor.Advancing Hydrogen Mobility: A Liquid to Gaseous Portable Fueler for Accelerating Zero-Emission Transportation in Canada. Kyle Aucker, Air Products' Senior Principal Project Engineer, will share information about a next-generation, liquid to gaseous portable hydrogen fueler designed to expand access to hydrogen fueling across Alberta and broader Canadian markets. The portable fueler was developed by Air Products with support from Alberta Innovates' Hydrogen Center of Excellence Program. The session is scheduled from 1:15 to 1:45 p.m. on Wednesday, April 22 at H2 Tech Hub 1, exhibition floor.Air Products currently operates three hydrogen production facilities in Alberta, and a 55-kilometer hydrogen pipeline network in the Alberta Industrial Heartland. In addition, the company also operates a hydrogen production facility, a 30-kilometer pipeline network and a liquefaction facility in Sarnia, Ontario.Construction is well underway on Air Products' net-zero hydrogen energy complex in Edmonton. This transformative hydrogen facility will deploy advanced technology and an innovative design to deliver net-zero emissions. The complex will also include Western Canada's only liquid hydrogen production facility, which will help accelerate the use of hydrogen as an emissions-free fuel.About Air ProductsAir Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.Cautionary Note Regarding Forward-Looking StatementsThis release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These 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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.



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Original: Air Products to Showcase Industrial Decarbonization Solutions at the Canadian Hydrogen Convention in Edmonton, Alberta

Air Products to Broadcast Fiscal 2026 Second Quarter Earnings Teleconference on April 30, 2026April 13, 2026 8:15 AM
PR Newswire (US)

LEHIGH VALLEY, Pa., April 13, 2026 /PRNewswire/ -- Air Products (NYSE: APD) will hold a conference call to discuss its fiscal 2026 second quarter financial results on Thursday, April 30, 2026 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.
APD Q2FY26 live teleconference: 646-769-9200
Passcode: 5660820Internet 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.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.Air Products had fiscal 2025 sales of $12.0 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.



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Original: Air Products to Broadcast Fiscal 2026 Second Quarter Earnings Teleconference on April 30, 2026

Air Products to Highlight its Freshline® IQ Freezer and Food Freezing Solutions at Seafood Expo North AmericaMarch 12, 2026 11:00 AM
PR Newswire (US)

LEHIGH VALLEY, Pa., March 12, 2026 /PRNewswire/ -- Air Products (NYSE:APD) will highlight its Freshline® IQ Freezer and food freezing solutions for seafood processors at Seafood Expo North America at the Thomas M. Menino Convention & Exhibition Center in Boston from March 15-17.Air Products' Freshline® IQ Freezer offers continuous high throughput freezing or chilling for a broad range of food products, requiring minimal floorspace. It is designed in 10-foot modular sections making it easily field expandable. Couple this advanced machine with Freshline® Smart Technology, and Air Products engineers can work with a customer's team to easily troubleshoot from afar, minimizing downtime and the impact to the bottom line.Freshline® Smart Technology is an integrative service that allows customers to monitor their food manufacturing equipment remotely to optimize processes and track key performance parameters. Self-monitoring analysis allows customers to see data in real-time, which can help maximize efficiency, productivity, and sustainability.Conference attendees are invited to visit Air Products' booth 1074 to speak with an industry specialist about their specific processes and challenges. Food processors will discover the many benefits of Air Products' Freshline® solutions, which use liquid nitrogen (LIN) and carbon dioxide (CO2) to improve a variety of processes. The extremely cold temperatures of these cryogenic gases enable food products to be chilled or frozen in minutes instead of the hours traditionally required with alternative systems. This rapid freeze results in smaller yield losses and helps ensure moisture and quality are preserved.As a leader in cryogenic technology applications, Air Products operates a state-of-the-art food and grinding lab at its headquarters in Allentown, Pa. Customers and prospects can utilize the facility to test   products on production-scale equipment to help determine the feasibility of using cryogenics in their process. Working with industry specialists, prospective customers can quantify the benefits and cost of using cryogenics in their operation without investing in any capital.Air Products has been supplying the food industry with gases, equipment and technology for over 60 years. The company has Freshline® solutions for every type of customer, from large manufacturers with multiple production lines, to small food processors with niche products. Air Products offers industrial gases in a variety of delivery options to match each customer's requirements.To learn more about Air Products' food freezing and chilling solutions, visit Air Products' Cold Zone Virtual Content Hall website.About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.



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Original: Air Products to Highlight its Freshline® IQ Freezer and Food Freezing Solutions at Seafood Expo North America

Air Products Reports Fiscal 2026 First Quarter ResultsJanuary 30, 2026 6:00 AM
PR Newswire (US)

Exceeded Q1 guidance | Demonstrated strength and resilience in base business | Continued focus on unlocking earnings growth, optimizing large projects and maintaining capital disciplineQ1 FY26 Summary of Results:GAAP earnings per share ("EPS")# of $3.04, up 10 percent; GAAP operating income of $735 million, up 14 percentAdjusted EPS* of $3.16, up 10 percent and exceeding top-end of guidance; adjusted operating income* of $757 million, up 12 percentGuidanceMaintaining fiscal 2026 full-year adjusted EPS guidance* of $12.85 to $13.15; fiscal 2026 second quarter adjusted EPS guidance* of $2.95 to $3.10Continue to expect fiscal year 2026 capital expenditures* of approximately $4.0 billionRecent NewsIn December 2025, announced advanced negotiations with Yara International for low emission ammonia projects in the U.S. and Saudi ArabiaIncreased quarterly dividend on the Company's common stock to $1.81 per share, marking the 44th consecutive year of dividend increasesAwarded supply contracts from the National Aeronautics and Space Administration (NASA) totaling more than $140 million to provide liquid hydrogen for several NASA facilitiesFiscal 2026 First Quarter Consolidated ResultsLEHIGH VALLEY, Pa., Jan. 30, 2026 /PRNewswire/ -- Air Products (NYSE:APD) today reported first quarter fiscal 2026 GAAP operating income of $735 million, up 14 percent from the prior year, primarily due to favorable business mix, non-helium pricing, net of power and fuel costs, and lower costs. The lower costs include productivity improvements and lower maintenance, partially offset by fixed-cost inflation and the prior year sale of a U.S. equity method investment. GAAP operating margin of 23.7 percent increased 170 basis points, despite an approximate 50-basis-point headwind from higher energy cost pass-through driven by the Americas segment. First quarter fiscal 2026 GAAP EPS# of $3.04 increased 10 percent from the prior year.On a non-GAAP basis, first quarter adjusted operating income* of $757 million increased 12 percent, adjusted operating margin* of 24.4 percent increased 140 basis points, and adjusted EPS* of $3.16 increased 10 percent, each compared to the prior year. These non-GAAP measures exclude the items described in the "Reconciliations of Non-GAAP Financial Measures" section beginning on page 8 of this release.First quarter sales of $3.1 billion increased six percent from the prior year, reflecting three percent higher energy cost pass-through, two percent favorable currency and one percent higher pricing. Volumes were flat as higher on-sites were offset by lower helium demand and a significant, non-recurring helium sale to an existing merchant customer in the Americas segment in the prior year.Chief Executive Officer Eduardo Menezes said, "We had strong results from the base business, with a 10 percent increase in adjusted EPS compared to the prior year period and also posted a 12 percent improvement in adjusted operating income despite helium headwinds in the quarter. This is a solid start as the Air Products team continues to focus on unlocking earnings growth, optimizing large projects and maintaining capital discipline."
#  Per share amounts are calculated and presented on a diluted basis from continuing operations attributable to Air Products.


* Certain results in this release include references to non-GAAP financial measures on a consolidated, continuing operations basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. Management is unable to reconcile, without unreasonable efforts, the Company's forecasted range of adjusted EPS or capital expenditures to a comparable GAAP range or amount because management is not able to predict the timing or occurrence of events or transactions that management believes are not representative of the Company's underlying business performance or the timing or occurrence of future investment activity, which are necessary to calculate forward-looking adjusted EPS from continuing operations and capital expenditures, respectively. Refer to the "Capital Expenditures" and "Adjusted EPS Outlook" sections on pages 10 and 11, respectively, for additional information.Fiscal 2026 First Quarter Results by Business Segment Americas sales of $1.3 billion were up four percent from the prior year, as six percent higher energy cost pass-through and two percent higher pricing were partially offset by four percent lower volumes. The lower volumes were primarily driven by a significant, non-recurring helium sale to an existing merchant customer in the prior year. Pricing improved for non-helium products. Operating income of $404 million increased four percent primarily on the higher non-helium pricing and favorable business mix. Costs were modestly unfavorable as prior-year income from the sale of an equity method investment and fixed-cost inflation more than offset lower maintenance. Operating margin of 30.1 percent was flat compared to the prior year, as the benefits from favorable business mix and pricing were offset by a headwind of approximately 150 basis points from higher energy cost pass-through.Asia sales of $832 million increased two percent from the prior year, as two percent higher energy cost pass-through and one percent favorable currency were partially offset by one percent lower pricing, driven by helium. Volumes were flat, with new on-sites offset by lower helium demand. Operating income of $232 million increased seven percent primarily due to productivity-driven cost improvements and reduced depreciation due to certain gasification assets being classified as held for sale, partially offset by lower helium. Operating margin of 27.9 percent improved 140 basis points.Europe sales of $782 million increased 12 percent from the prior year on eight percent favorable currency, five percent higher volumes, and one percent higher pricing, partially offset by two percent lower energy cost pass-through. The higher volumes were driven by on-sites, including the impact of a prior-year turnaround, and non-helium merchant. Pricing improved for non-helium products. Operating income of $224 million increased 20 percent as favorable volumes, pricing, and currency were partially offset by higher depreciation and fixed-cost inflation, despite productivity improvements. Operating margin of 28.6 percent increased 190 basis points.Middle East and India equity affiliates' income of $85 million was flat versus prior year.Corporate and other sales of $117 million increased 21 percent from the prior year. Operating loss of $109 million decreased seven percent, primarily due to productivity-driven cost improvements.Outlook
Air Products continues to expect full-year fiscal 2026 adjusted EPS guidance* in the range of $12.85 to $13.15. For the fiscal 2026 second quarter, Air Products' adjusted EPS guidance* is $2.95 to $3.10.Air Products continues to expect capital expenditures* of approximately $4.0 billion for full-year fiscal 2026.Earnings Teleconference
Access the fiscal 2026 first quarter earnings teleconference scheduled for 8:00 a.m. Eastern Time on January 30, 2026 by calling 646-769-9200 and entering passcode 2207146 or by accessing the Event Details page on Air Products' Investor Relations website.About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit www.airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.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, investment opportunities and potential transactions that are subject to ongoing negotiations and their expected impact and timing. 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 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 safely and effectively 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, our affiliates and joint ventures, and our customers and other counterparties 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, joint venture activities, and other commercial transactions, 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 Russia's invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the commencement and success of any productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based. Air Products and Chemicals, Inc. and SubsidiariesCONSOLIDATED INCOME STATEMENTS(Unaudited)



Three Months Ended

31 December(Millions of U.S. Dollars, except for share and per share data)
20252024Sales
$3,102.5$2,931.5Cost of sales
2,107.52,016.5Selling and administrative expense
228.7242.4Research and development expense
20.422.0Business and asset actions
22.0—Shareholder activism-related costs
—29.9Other income (expense), net
10.622.9Operating Income
734.5643.6Equity affiliates' income
172.2150.6Interest expense
54.542.6Other non-operating income (expense), net
(1.4)38.9Income Before Taxes
850.8790.5Income tax expense
159.4140.7Net Income
691.4649.8Net income attributable to noncontrolling interests
13.232.4Net Income Attributable to Air Products
$678.2$617.4



Per Share Data (U.S. Dollars per share)


Basic earnings per share attributable to Air Products
$3.04$2.77Diluted earnings per share attributable to Air Products
$3.04$2.77



Weighted Average Common Shares (in millions)


Basic
222.8222.7Diluted
222.9222.9 Air Products and Chemicals, Inc. and SubsidiariesCONSOLIDATED BALANCE SHEETS(Unaudited)


31 December30 September(Millions of U.S. Dollars)20252025Assets

Current Assets

Cash and cash items$1,026.4$1,856.0Trade receivables, net1,894.91,901.2Inventories788.1776.5Prepaid expenses163.8174.9Assets held for sale472.6427.7Other receivables and current assets757.4689.5Total Current Assets$5,103.2$5,825.8Investment in net assets of and advances to equity affiliates5,440.15,366.1Plant and equipment, at cost43,785.242,754.8Less: accumulated depreciation17,643.117,417.0Plant and equipment, net$26,142.1$25,337.8Goodwill, net971.5963.9Intangible assets, net294.4293.5Operating lease right-of-use assets, net925.2944.0Noncurrent lease receivables299.6307.1Financing receivables964.61,000.0Other noncurrent assets1,100.01,021.3Total Noncurrent Assets$36,137.5$35,233.7Total Assets$41,240.7$41,059.5Liabilities and Equity

Current Liabilities

Payables and accrued liabilities$3,035.3$3,237.7Accrued income taxes174.5179.4Short-term borrowings66.734.7Current portion of long-term debt169.8716.3Liabilities held for sale51.650.5Total Current Liabilities$3,497.9$4,218.6Long-term debt17,114.616,769.9Long-term debt – related party180.7177.5Noncurrent operating lease liabilities607.0616.0Other noncurrent liabilities1,341.51,348.1Deferred income taxes661.9579.6Total Noncurrent Liabilities$19,905.7$19,491.1Total Liabilities$23,403.6$23,709.7Air Products Shareholders' Equity15,411.315,024.9Noncontrolling Interests2,425.82,324.9Total Equity$17,837.1$17,349.8Total Liabilities and Equity$41,240.7$41,059.5 Air Products and Chemicals, Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)



Three Months Ended

31 December(Millions of U.S. Dollars)
20252024Operating Activities


Net income
$691.4$649.8Less: Net income attributable to noncontrolling interests
13.232.4Net income attributable to Air Products
$678.2$617.4Adjustments to reconcile income to cash provided by operating activities:


Depreciation and amortization
$370.7$366.8Deferred income taxes
78.2(6.3)Business and asset actions
22.0—Undistributed earnings of equity method investments
(28.5)(48.4)Gain on sale of assets and investments
(2.2)(10.1)Share-based compensation
10.616.4Noncurrent lease receivables
12.015.0Other adjustments
(25.2)(122.6)Working capital changes that provided (used) cash, excluding effects of acquisitions:


Trade receivables
6.1(47.8)Inventories
(11.0)6.4Other receivables
(27.8)9.0Payables and accrued liabilities
(191.3)30.5Other working capital
8.9(14.6)Cash Provided by Operating Activities
$900.7$811.7Investing Activities


Additions to plant and equipment, including long-term deposits
($1,251.2)($2,117.6)Investments in and advances to unconsolidated affiliates
(20.0)—Investments in financing receivables
—(15.3)Proceeds from sale of assets and investments
26.134.4Purchases of short-term investments
—(117.6)Proceeds from short-term investments
—5.0Proceeds from other investing activities
2.229.0Cash Used for Investing Activities
($1,242.9)($2,182.1)Financing Activities


Long-term debt proceeds
$382.5$459.2Payments on long-term debt
(569.6)(12.1)Net increase (decrease) in commercial paper and short-term borrowings
67.3(21.5)Dividends paid to shareholders
(398.4)(393.6)Investments by noncontrolling interests
61.0280.9Other financing activities
(32.9)(38.7)Cash (Used for) Provided by Financing Activities
($490.1)$274.2Effect of Exchange Rate Changes on Cash
2.7(38.0)Decrease in cash and cash items
($829.6)($1,134.2)Cash and cash items – Beginning of year
1,856.02,979.7Cash and Cash Items – End of Period
$1,026.4$1,845.5Supplemental Cash Flow Information


Cash paid for taxes, net of refunds
$109.1$123.6 Air Products and Chemicals, Inc. and SubsidiariesBUSINESS SEGMENT INFORMATION(Unaudited) (Millions of U.S. Dollars)AmericasAsiaEuropeMiddle East and IndiaCorporateand otherTotalThree Months Ended 31 December 2025Sales$1,341.7$831.5$782.0$30.3$117.0$3,102.5Operating income (loss)(A)403.8232.3223.55.8(108.9)756.5Depreciation and amortization171.9112.769.86.210.1370.7Equity affiliates' income (loss)51.713.823.484.5(1.2)172.2Three Months Ended 31 December 2024Sales$1,287.6$817.1$697.2$32.8$96.8$2,931.5Operating income (loss)(A)388.2216.4186.5(0.6)(117.0)673.5Depreciation and amortization173.4122.954.56.59.5366.8Equity affiliates' income35.110.318.285.02.0150.6Total Assets





31 December 2025$12,447.2$6,766.2$7,086.5$11,313.5$3,627.3$41,240.730 September 202512,058.76,712.26,916.810,919.44,452.441,059.5
(A)Operating income (loss) for our reportable segments does not include gains or losses that management does not consider to be indicative of underlying business performance, such as charges related to business and asset actions. Refer below for a reconciliation of total segment operating income to consolidated results. Reconciliation of Total Segment Operating Income to Consolidated ResultsThe table below reconciles total segment operating income to income before taxes as reflected on our consolidated income statements:
Three Months Ended
31 December(Millions of U.S. Dollars)20252024Total Segment Operating Income$756.5$673.5Business and asset actions(22.0)—Shareholder activism-related costs—(29.9)Consolidated Operating Income$734.5$643.6Equity affiliates' income172.2150.6Interest expense54.542.6Other non-operating income (expense), net(1.4)38.9Income Before Taxes$850.8$790.5 RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Millions of U.S. Dollars unless otherwise indicated, except for per share data)We present certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP") because they exclude items that management does not consider to be representative of our underlying business operations. We provide these adjusted non-GAAP financial measures to allow investors, potential investors, securities analysts, and others to evaluate our business in the same manner as management. When viewed together with our GAAP results, we believe these non-GAAP financial measures offer a more complete understanding of the factors and trends affecting our financial performance and support analysis of our results on a more consistent basis.Readers are cautioned that non-GAAP financial measures have inherent limitations and should not be considered in isolation or as a substitute for the corresponding GAAP measures. Our definitions and calculations of non-GAAP financial measures may differ from those used by other companies, which may limit comparability.Non-GAAP Performance Measures
Management uses non-GAAP performance measures, including adjusted operating income, adjusted operating margin, and adjusted earnings per share ("EPS"), to assess our performance because these measures exclude items that management does not consider to be representative of our underlying business operations. In addition, adjusted operating income and adjusted EPS are important components of our incentive compensation plans. We also use adjusted operating margin to assess operational efficiency, cost discipline, and overall profitability.Our non-GAAP performance measures are adjusted to exclude gains or losses that management believes are not associated with the ongoing operations of our business. These adjustments, which are described below for the periods presented, are not reflected in the results of our reportable segments. Although these items are often difficult to predict, readers should be aware that similar gains or losses may occur in future periods. The related tax effects reflect the expected current and deferred income tax impacts of our non-GAAP adjustments, which are primarily driven by the statutory tax rates of the applicable jurisdictions and the taxability of the underlying adjustments in those jurisdictions.We reconcile each non-GAAP performance measure to its most directly comparable GAAP measure in the table below, followed by descriptions of each non-GAAP adjustment. Margins are calculated by dividing the applicable line item by consolidated sales for the relevant period. In addition to our non-GAAP performance measures, we also present components used in calculating adjusted EPS to illustrate the per share effect of our non-GAAP adjustments. All per share amounts are calculated on a diluted basis from continuing operations attributable to Air Products. Because margins and per share amounts are calculated independently, the individual components may not sum to the related totals due to rounding.
Three Months Ended 31 DecemberQ1 2026 vs. Q1 2025Operating
IncomeOperating
MarginOther Non-
Operating
Inc/Exp, NetIncome TaxExpenseNet Income
Attributable
to Air
ProductsEPSQ1 2026 GAAP Measures$734.523.7 %($1.4)$159.4$678.2$3.04Q1 2025 GAAP Measures643.622.0 %38.9140.7617.42.77$ GAAP Change $90.9



$0.27%/bp GAAP Change14 %       170 bp


10 %Q1 2026 GAAP Measures$734.523.7 %($1.4)$159.4$678.2$3.04Business and asset actions(A)22.00.7 %6.33.124.60.11Non-service pension cost, net—— %3.40.92.50.01Q1 2026 Adjusted Measures$756.524.4 %$8.3$163.4$705.3$3.16Q1 2025 GAAP Measures$643.622.0 %$38.9$140.7$617.4$2.77Shareholder activism-related costs29.91.0 %—8.021.90.10Gain on de-designation of cash flow hedges(B)—— %(38.8)(3.3)(10.3)(0.05)Non-service pension cost, net—— %10.52.67.90.04Q1 2025 Adjusted Measures$673.523.0 %$10.6$148.0$636.9$2.86$ Adjusted Change$83.0



$0.30%/bp Adjusted Change12 %       140 bp


10 %
(A) Charge attributable to noncontrolling interests was $0.6.(B) Gain attributable to noncontrolling interests was $25.2. Business and Asset Actions
During the first quarter of fiscal year 2026, we recorded charges for business and asset actions totaling $28.3 ($24.6 after tax, or $0.11 per share) related to project exits announced in fiscal year 2025. Of these charges, $22.0 were recorded within operating income to reflect updated cost estimates as we settle project-related commitments and sell associated assets. The remaining $6.3 was recorded to "Other non-operating income (expense), net" and reflects losses on cross-currency interest rate swaps terminated in connection with the early repayment of related intercompany loans for one of the affected gasification projects.Our estimates reflect our best judgment based on information available as of 31 December 2025. Final settlement of these items may differ materially from current estimates, which could impact our consolidated financial statements in future periods.Prior Year Shareholder Activism-Related Costs
During the first quarter of fiscal year 2025, we recorded shareholder activism-related costs of $29.9 ($21.9 after tax, or $0.10 per share) in connection with a proxy contest. These costs included legal and other professional service fees and proxy solicitation expenses.Prior Year Gain on De-designation of Cash Flow Hedges
In fiscal year 2024, we discontinued cash flow hedge accounting for certain interest rate swaps due to changes in the anticipated drawdown timeline for hedged borrowings related to 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, in which Air Products holds a one-third ownership interest. As a result, unrealized gains and losses for the de-designated swaps were recorded to "Other non-operating income (expense), net" on our consolidated income statements. During the first quarter of fiscal year 2025, we recorded an unrealized gain of $38.8 ($10.3 attributable to Air Products after tax, or $0.05 per share), with $25.2 attributable to our noncontrolling partners.We re-designated the affected swaps as outstanding borrowings under the available project financing became commensurate with the swaps' notional values. The unrealized gain on swaps that remained de-designated during the first quarter of fiscal year 2026 was not material. As of 1 January 2026, all swaps have been re-designated as cash flow hedges.Non-Service Related Pension Items
Non-service related pension items resulted in net non-operating costs of $3.4 ($2.5 after tax, or $0.01 per share) in the first quarter of fiscal year 2026 compared to $10.5 ($7.9 after tax, or $0.04 per share) in the first quarter of fiscal year 2025. 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. The net impact of non-service related components is reflected within "Other non-operating income (expense), net" on our consolidated income statements. 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.Capital Expenditures (Non-GAAP)Capital expenditures is a non-GAAP financial measure that management uses to evaluate our deployment of capital and assess alignment with our strategic priorities. Our calculation of this measure begins as the sum of cash paid for additions to plant and equipment, including long-term deposits, acquisitions (less cash acquired), investment in and advances to unconsolidated affiliates, and investment in financing receivables, each of which are reported on our consolidated statements of cash flows.We then adjust this amount to exclude spending for additions to plant and equipment by our consolidated joint venture, NEOM Green Hydrogen Company ("NGHC"), to the extent such spending is funded by sources other than Air Products' cash. These other funding sources include NGHC's project financing, which is non-recourse to Air Products, as well as equity contributions from the other joint venture partners. Management believes this adjustment provides a more useful view of the capital we deploy to support the ongoing growth of our business.The most directly comparable GAAP measure to our non-GAAP capital expenditures is "Cash used for investing activities," as reported on our consolidated statements of cash flows. The reconciliation of cash used for investing activities to our reported capital expenditures is provided below:



Three Months Ended
31 December
20252024Cash used for investing activities$1,242.9$2,182.1Proceeds from sale of assets and investments26.134.4Purchases of short-term investments—(117.6)Proceeds from short-term investments—5.0Proceeds from other investing activities2.229.0NGHC expenditures not funded by Air Products' equity(A)(360.5)(923.1)Capital expenditures$910.7$1,209.8
(A) Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture. Substantially all the funding we provide to NGHC is limited for use by the joint venture for its capital expenditures. The table below outlines the cash flow components included in our definition of capital expenditures:
Three Months Ended
31 December
20252024Additions to plant and equipment, including long-term deposits$1,251.2$2,117.6Investments in and advances to unconsolidated affiliates20.0—Investments in financing receivables—15.3NGHC expenditures not funded by Air Products' equity(A)(360.5)(923.1)Capital expenditures$910.7$1,209.8
(A) Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture. Substantially all the funding we provide to NGHC is limited for use by the joint venture for its capital expenditures. Outlook for Investing Activities
It is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because management is unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. These decisions, either individually or in the aggregate, could have a significant effect on our cash used for investing activities. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted capital expenditures to future cash used for investing activities.We expect capital expenditures of approximately $4.0 billion for fiscal year 2026.Adjusted EPS Outlook (Non-GAAP)The adjusted EPS guidance below is provided on a diluted basis from continuing operations attributable to Air Products and is compared to historical adjusted EPS. These adjusted measures exclude the impact of certain items that we believe are not representative of our underlying business performance, such as the non-service components of net periodic benefit/cost for our defined benefit pension plans, the incurrence of costs for business, asset, and cost reduction actions and impairment charges, or the recognition of gains or losses on certain disclosed items. The per share impact for each non-GAAP adjustment is calculated independently and may not sum to total adjusted EPS due to rounding.It is not possible, without unreasonable efforts, to predict the timing or occurrence of these or similar future events or the potential for other events or transactions that may impact future GAAP EPS. Furthermore, it is not possible to identify the potential significance of these events in advance; however, any of these events, if they were to occur, could have a significant effect on our future GAAP EPS. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted range of adjusted EPS to a comparable GAAP range.



Diluted EPS
Q2Full Year2025 Loss Per Share($7.77)($1.74)Business and asset actions10.2813.68Shareholder activism-related costs0.140.32Gain on sale of business—(0.23)Gain on sale of other assets—(0.11)Loss (Gain) on de-designation of cash flow hedges0.01(0.03)Non-service pension cost, net0.040.15Tax reform adjustment related to deemed foreign dividends(0.16)(0.16)Tax on repatriation of foreign earnings0.140.142025 Adjusted EPS$2.69$12.032026 Adjusted EPS Outlook$2.95 – $3.10$12.85 – $13.15$ Change0.26 – 0.410.82 – 1.12% Change10% – 15%7% – 9% 



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Original: Air Products Reports Fiscal 2026 First Quarter Results

Air Products Wins More than $140 Million in NASA Contracts to Supply Liquid Hydrogen to the Kennedy Space Center, Cape Canaveral Space Force Station and Other NASA FacilitiesJanuary 28, 2026 3:05 PM
PR Newswire (US)

LEHIGH VALLEY, Pa., Jan. 28, 2026 /PRNewswire/ -- Air Products (NYSE:APD), the world's leading supplier of hydrogen, today announced that it was recently awarded supply contracts from the National Aeronautics and Space Administration (NASA) totaling more than $140 million to provide liquid hydrogen for several NASA facilities including the world's largest hydrogen sphere at NASA's Kennedy Space Center, the Cape Canaveral Space Force Station and other NASA locations.







"'From the inception of the United States (U.S.) space program, Air Products has supported NASA's mission by supplying the critical industrial gases needed from the initial Apollo 11 moon landing to the upcoming Artemis II moon mission," said Francesco Maione, Air Products' President, Americas. "For decades, Air Products has consistently demonstrated our ability to supply world-scale levels of liquid hydrogen and other industrial gases safely and reliably through our robust supply chain. We're proud to play a role in helping NASA confidently continue its important work."Under the new contract, Air Products will supply about 36.5 million pounds of liquid hydrogen to NASA for the Kennedy Space Center and Cape Canaveral Space Force Station in Florida; NASA's Marshall Space Flight Center in Huntsville, Alabama; and NASA's Stennis Space Center in Bay St. Louis, Mississippi.Air Products' working relationship with NASA began in 1957. It has included supplying NASA with liquid hydrogen and other industrial gases to advance the U.S. Space Program including Apollo, the Space Shuttle, and Orion. In addition to supplying industrial gases for space launches, Air Products also has had a long-term relationship with NASA's engine testing program at Stennis Space Center in Mississippi, Johnson Space Center in Texas, as well as Marshall Space Flight Center in Alabama.In 2025, Air Products completed the first fill of the world's largest hydrogen sphere at the Kennedy Space Center. To complete the fill, Air Products delivered over 50 trailer loads of liquid hydrogen - over 730,000 gallons in all - to NASA's new sphere. The NASA hydrogen sphere is the world's largest liquid hydrogen tank, measuring 90 feet tall and 83 feet in diameter.Astronautic applications are a key business for Air Products, and the Company is also heavily involved in supporting the increasing number of privatized space launches and missions of several independent companies, with gases needed to manufacture rockets and satellites, conduct testing, and significant volumes for launches.About Air ProductsAir Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 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.Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.Cautionary Note Regarding Forward-Looking StatementsThis release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These 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 the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.



View original content to download multimedia:https://www.prnewswire.com/news-releases/air-products-wins-more-than-140-million-in-nasa-contracts-to-supply-liquid-hydrogen-to-the-kennedy-space-center-cape-canaveral-space-force-station-and-other-nasa-facilities-302672787.htmlSOURCE Air Products

Original: Air Products Wins More than $140 Million in NASA Contracts to Supply Liquid Hydrogen to the Kennedy Space Center, Cape Canaveral Space Force Station and Other NASA Facilities

Air Products Increases Quarterly Dividend to $1.81 Per ShareJanuary 27, 2026 10:05 PM
PR Newswire (US)

Marks 44th Consecutive Year of Quarterly Dividend Increases on Company's Common Stock LEHIGH VALLEY, Pa., Jan. 27, 2026 /PRNewswire/ -- The Board of Directors of Air Products (NYSE:APD) has increased the quarterly dividend on the Company's common stock to $1.81 per share, marking the 44th consecutive year of dividend increases.The dividend is payable on May 11, 2026 to shareholders of record at the close of business on April 1, 2026.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.Air Products had fiscal 2025 sales of $12.0 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.



View original content:https://www.prnewswire.com/news-releases/air-products-increases-quarterly-dividend-to-1-81-per-share-302671805.htmlSOURCE Air Products

Original: Air Products Increases Quarterly Dividend to $1.81 Per Share

This explains APD's problems:

No Santa Rally ?  No Texas City in 2025 ?   I'm very happy with Special Eddie.  Shorts are UP $100 / share since he arrived.

APD UK Plant in Jeopardy :

Thank you Labor

https://finance.yahoo.com/news/hydrogen-giant-abandons-2bn-british-085421106.html

Capital projects being cancelled. Major Writedowns. Downgrades to follow.

NEOM project Video
This is a very long video worth watching. After watching the video think about all the companies working on the project and the revenues they are bringing in.


USA Companies working on NEOM
Aecom ticker ACM $97.52 on 2/21/2025
Air Products & Chemicals

DELL ticker DELL $117.60 on 2/21/2025
Dell is working in partnership with OneMind Technologies / Affluence Corp
https://www.delltechnologies.com/asset/pt-br/solutions/business-solutions/briefs-summaries/onemind-new-generation-presentation.pdf

Orange Business ticker ORANY $11.51on 2/21/2025
Orange Business is involved in the NEON project. They are contributing their expertise in Smart City solutions and digital transformation to help develop NEOM into a futuristic technology-powered city.

OneMind Technologies / Affluence Corp ticker AFFU $0.0003 on 2/21/2025
OneMind Technologies is involved in the NEON project. They are working in partnership with Orange Business to provide Smart City solutions and digital transformation technologies. Their IoT Hypervisor Platform OneMindNG is being showcase and implemented in various smart city projects in the middle east, including NEOM

INSIDER DUMPING :


https://www.investing.com/news/insider-trading-news/air-products--chemicals-president-sells-565-million-in-stock-93CH-3877465

"" JPM analyst Jeffrey Zekauskas says it is not sustainable for Air Products to trade close to Linde’s valuations, since Linde has more leverage to a growing economy than Air Products because of its larger packaged gas business. "

And Now the DOWNGRADES !

Let's throw some gasoline on this Dumpster Fire .

Menzes Totally missed a perfect opportunity. What is management thinking ?
First impressions are important, and I am NOT impressed . APD needs strong leadership, and a message / optics which demonstrate that.

We got bupkis. Listen to Billy Connelly's Corporate Presentation. That's what I wanted to see & hear .

New CEO - There's Hope !

MORE BAD NEWS :

Johnson Matthey, a major leader the the Hydrogen Sector, is pulling back on Hydrogen !

https://cen.acs.org/business/specialty-chemicals/Johnson-Matthey-pulls-back-hydrogen/103/web/2025/01

Air Products is mentioned in this article.

A Clear SELL Signal !

More News :

Eduardo Menezes ex-Linde for CEO.

I vote yes.

More Changes on the Board.

Bob Patel & Alfred Stern

APD new 52 week high

APD new 52 week high

Here is an Interesting Read :

https://seekingalpha.com/news/4159788-former-linde-executives-join-activist-mantle-ridge-in-air-products-battle-reuters?mailingid=37080560&messageid=2900&serial=37080560.182&source=email_2900&utm_campaign=rta-stock-news&utm_content=link-1&utm_medium=email&utm_source=seeking_alpha&utm_term=37080560.182

It's too bad that it's too late to stop the sale of LNG to Honeywell. That deal alone should cause heads to roll.

Building Billion Dollar projects on spec, with no off-take in place? Another reason for heads to roll.

I know of at least three projects which should be scuttled, even though they may be past the point of no return.

There is too much good talent in the sector to let fools run this into the ground.

Clean House - Great News for Shareholders.

APD new 52 week high

APD new 52 week high

Air Products Reports Fiscal 2024 First Quarter GAAP EPS of $2.73 and Adjusted EPS of $2.82

Source: PR Newswire (US)
Q1 FY24 (comparisons versus prior year):

GAAP EPS# of $2.73, up six percent; GAAP net income of $622 million, up six percent; and GAAP net income margin of 20.7 percent, up 230 basis points
Adjusted EPS* of $2.82, up seven percent; adjusted EBITDA* of $1.2 billion, up eight percent; and adjusted EBITDA margin* of 39.2 percent, up 510 basis points
Recent Highlights

Increased quarterly dividend to $1.77 per share in January, the 42nd consecutive year of increases
Guidance

Updated fiscal 2024 full-year adjusted EPS guidance* of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS*; fiscal 2024 second quarter adjusted EPS guidance* of $2.60 to $2.75
Continue to expect fiscal year 2024 capital expenditures* of $5.0 billion to $5.5 billion
#Earnings per share is calculated and presented on a diluted basis from continuing operations attributable to Air Products.

*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. In addition, as discussed below, it is not possible, without unreasonable efforts, to identify the timing or occurrence of future events, transactions, and/or investment activity that could have a significant effect on the Company's future GAAP EPS or cash flow used for investing activities if any of these events were to occur.

Fiscal 2024 First Quarter Consolidated Results

LEHIGH VALLEY, Pa., Feb. 5, 2024 /PRNewswire/ -- Air Products (NYSE:APD) today reported first quarter fiscal 2024 results, including GAAP EPS from continuing operations of $2.73, up six percent from prior year. GAAP net income of $622 million was up six percent over the prior year due to higher equity affiliates' income, higher pricing, and higher volumes, partially offset by higher costs. GAAP net income margin of 20.7 percent increased 230 basis points over the prior year, which included a positive impact of about 200 basis points from lower energy cost pass-through. Air Products' GAAP results include costs for the non-service related components of the Company's defined benefit pension plans, which are reflected as adjustments to the non-GAAP measures discussed below.

For the quarter, on a non-GAAP basis, adjusted EPS from continuing operations of $2.82 increased seven percent over the prior year. Adjusted EBITDA of $1.2 billion was up eight percent over the prior year, due to higher equity affiliates' income, higher volumes, and higher pricing, partially offset by higher costs. Adjusted EBITDA margin of 39.2 percent increased 510 basis points over the prior year, which included a positive impact of about 400 basis points from lower energy cost pass-through.

First quarter sales of $3.0 billion decreased six percent from the prior year, as three percent higher volumes, one percent higher pricing, and one percent favorable currency were more than offset by 11 percent lower energy cost pass-through, which negatively affected sales but had no impact on net income.

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Despite significant geopolitical and economic headwinds, the team at Air Products performed well, increasing our adjusted EPS by seven percent over last year. Our reported results were lower than our expectations, mainly due to a slowdown in manufacturing in Asia, particularly in China; lower helium demand; cost headwinds from a sale of equipment project; and currency devaluation in Argentina. We are moving forward to successfully implement our ambitious, long-term growth strategy through our core industrial gases business and as a leader in low-carbon intensity hydrogen to generate a cleaner future for the world."

Fiscal 2024 First Quarter Results by Business Segment

Americas sales of $1.3 billion were down 10 percent versus the prior year, as three percent higher volumes driven by strong hydrogen demand and two percent higher pricing were more than offset by 15 percent lower energy cost pass-through. Operating income of $354 million increased three percent and adjusted EBITDA of $561 million increased nine percent, in each case primarily due to higher pricing and volumes, partially offset by higher costs. Adjusted EBITDA also benefited from higher equity affiliates' income. Operating margin of 28.3 percent increased 350 basis points and adjusted EBITDA margin of 44.8 percent increased 760 basis points. The operating margin and adjusted EBITDA margin improvements included positive impacts from lower energy cost pass-through of approximately 400 basis points and 600 basis points, respectively.
Asia sales of $794 million increased two percent over the prior year, as two percent higher energy cost pass-through and one percent higher pricing were partially offset by one percent unfavorable currency. Volumes were flat, as higher on-site volumes were offset by weak economic growth in China and lower activity in helium. Operating income of $211 million decreased 10 percent and adjusted EBITDA of $327 million decreased five percent, in each case primarily due to unfavorable volume mix and higher costs. Operating margin of 26.6 percent decreased 370 basis points and adjusted EBITDA margin of 41.2 percent decreased 320 basis points.
Europe sales of $731 million decreased eight percent from the prior year, as nine percent favorable volumes driven by our on-site business and five percent favorable currency were more than offset by 20 percent lower energy cost pass-through and two percent lower pricing. Operating income of $198 million increased 36 percent and adjusted EBITDA of $267 million increased 28 percent, as higher volumes, lower power costs, and favorable currency more than offset inflation and higher maintenance costs. Operating margin of 27.0 percent increased 860 basis points and adjusted EBITDA margin of 36.4 percent increased 1,020 basis points. The operating margin and adjusted EBITDA margin improvements included positive impacts from lower energy cost pass-through of approximately 350 basis points and 550 basis points, respectively.
Middle East and India equity affiliates income of $93 million increased 45 percent compared to the prior year, primarily due to the completion of the second phase of the Jazan project in January 2023.
Corporate and other sales of $185 million increased three percent compared to the prior year and reflected higher LNG sale of equipment activity.
Outlook
Air Products now expects full-year fiscal 2024 adjusted EPS guidance* of $12.20 to $12.50, up six to nine percent over prior year adjusted EPS. For the second quarter of fiscal 2024, Air Products' adjusted EPS guidance* is $2.60 to $2.75.

Air Products continues to expect capital expenditures* of $5.0 billion to $5.5 billion for full-year fiscal 2024.


*Management is unable to reconcile, without unreasonable effort, the Company's forecasted range of adjusted EPS
or capital expenditures 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. Similarly, it is not possible, without unreasonable efforts, to reconcile forecasted
capital expenditures to future cash used for investing activities because management is not able to identify the
timing or occurrence of future investment activity, which is driven by management's assessment of competing
opportunities at the time the Company enters into transactions. 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




Earnings Teleconference
Access the fiscal 2024 first quarter earnings teleconference scheduled for 8:30 a.m. Eastern Time on February 5, 2024 by calling 323-994-2093 and entering passcode 1702171 or by accessing the Event Details page on Air Products' Investor Relations website.

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 clean hydrogen projects supporting the transition to low- and zero-carbon energy in the heavy-duty transportation and industrial sectors. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and provides turbomachinery, membrane systems and cryogenic containers globally.

The Company had fiscal 2023 sales of $12.6 billion from operations in approximately 50 countries and has a current market capitalization of about $60 billion. Approximately 23,000 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, X, Facebook or Instagram.

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 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 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 and divestitures, including 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 Russia's invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the success of productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking

Air Products Reports Fiscal 2023 Second Quarter GAAP EPS of $1.97 and Adjusted EPS of $2.74

Source: PR Newswire (US)
LEHIGH VALLEY, Pa., May 9, 2023 /PRNewswire/ --

Q2 FY23 (comparisons versus prior year):

GAAP EPS# of $1.97, down 17 percent; GAAP net income of $450 million, down 16 percent; and GAAP net income margin of 14.1 percent, down 410 basis points

Adjusted EPS* of $2.74, up 17 percent; adjusted EBITDA* of $1,151 million, up 13 percent; and adjusted EBITDA margin* of 36.0 percent, up 140 basis points

Higher pricing and volume drove improved results in all regional segments
Recent Highlights

Completed Jazan Phase II in January 2023, which began contributing to equity affiliates' income during the second quarter

Issued inaugural green bonds in $600 million and €700 million debt offerings, making Air Products the first U.S. chemical company to qualify green and blue hydrogen projects as an eligible expenditure category

Continued to drive the Company's hydrogen leadership through first-mover low-carbon intensity and zero-carbon energy transition mega projects globally; brought over 30 new assets on-stream in Asia

Signed four LNG process technology and equipment agreements during the quarter, including with Bechtel Energy, Inc. for Sempra Infrastructure's Port Arthur LNG Phase 1 Project in Jefferson County, Texas and with Technip Energies for the Xi'An LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd. in ShaanXi Province, China

Announced two new world-scale carbon monoxide projects in Texas with secured, long-term off-take contracts from Eastman and LyondellBasell
Guidance

Increased fiscal 2023 full-year adjusted EPS guidance* to $11.30 to $11.50, up 10 to 12 percent over prior year adjusted EPS* calculated on the same basis; fiscal 2023 third quarter adjusted EPS guidance* of $2.85 to $2.95, up 10 to 14 percent over prior year third quarter adjusted EPS* calculated on the same basis

Continue to expect fiscal year 2023 capital expenditures* of $5.0 - $5.5 billion
#Earnings per share is calculated and presented on a diluted basis from continuing operations attributable to Air Products.

*Certain results in this release, including in the highlights above, include references to non-GAAP financial measures on a consolidated, continuing operations basis and a segment basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. In addition, as discussed below, it is not possible, without unreasonable efforts, to identify the timing or occurrence of future events, transactions, and/or investment activity that could have a significant effect on the Company's future GAAP EPS or cash flow used for investing activities if any of these events were to occur.

Air Products (NYSE: APD) today reported second quarter fiscal 2023 results, including GAAP EPS from continuing operations of $1.97, down 17 percent from prior year. This includes an unfavorable $0.77 per share impact, primarily from business and asset actions related to the Company's withdrawal from projects in Indonesia and Ukraine. GAAP net income of $450 million was down 16 percent and GAAP net income margin of 14.1 percent decreased 410 basis points from the prior year as higher costs, including the charge for business and asset actions, were only partially offset by higher pricing and higher volumes, as well as higher equity affiliates' income from the Jazan project.

For the quarter, on a non-GAAP basis, adjusted EPS from continuing operations of $2.74 increased 17 percent over the prior year. Adjusted EBITDA of $1,151 million was up 13 percent and adjusted EBITDA margin of 36.0 percent increased 140 basis points over the prior year, as higher pricing, higher volumes, and higher equity affiliates' income more than offset higher costs.

Second quarter sales of $3.2 billion increased nine percent over the prior year on eight percent higher pricing and six percent higher volumes, partially offset by four percent unfavorable currency and one percent lower energy cost pass-through. Higher pricing across the regions and higher on-site volumes drove the results.

Commenting on the results, Air Products' Chairman, President and Chief Executive Officer Seifi Ghasemi said, "Our team successfully drove pricing and volumes in our base business, delivering critical productivity, efficiency and sustainability benefits for our customers. The team also continued to advance our first-mover clean hydrogen mega projects that will decarbonize heavy transportation and industrial sectors globally. I am proud of the continued achievements of our team who delivered outstanding results despite the ongoing economic and geopolitical challenges in the world."

Fiscal 2023 Second Quarter Results by Business Segment

Americas sales of $1,373 million were up 16 percent over the prior year on nine percent higher volumes and eight percent higher pricing, partially offset by one percent unfavorable currency. Operating income of $324 million increased 18 percent and adjusted EBITDA of $514 million increased 14 percent, in each case due to higher pricing and higher volumes, partially offset by higher costs. Operating margin of 23.6 percent increased 40 basis points primarily due to higher pricing, while adjusted EBITDA margin of 37.4 percent decreased 50 basis points.

Asia sales of $814 million increased eight percent over the prior year, as seven percent higher volumes, five percent higher pricing and three percent higher energy cost pass-through more than offset seven percent unfavorable currency. Operating income of $233 million increased 14 percent and adjusted EBITDA of $350 million increased nine percent, in each case due to the favorable volumes and pricing, partially offset by higher costs and unfavorable currency. Operating margin of 28.6 percent increased 150 basis points and adjusted EBITDA margin of 43.0 percent increased 20 basis points.

Europe sales of $753 million increased two percent over the prior year, driven by 11 percent higher pricing and three percent higher volumes, partially offset by six percent lower energy cost pass-through and six percent unfavorable currency. Operating income of $173 million increased 49 percent and adjusted EBITDA of $251 million increased 32 percent, in each case primarily driven by higher pricing. Operating margin of 23.0 percent increased 720 basis points and adjusted EBITDA margin of 33.3 percent increased 760 basis points.

Middle East and India equity affiliates' income of $99 million increased 39 percent compared to the prior year, primarily due to the completion of the second phase of the Jazan project.

Corporate and other sales of $215 million decreased 10 percent compared to the prior year, driven by lower sale of equipment activity.
Outlook

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 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. Similarly, it is not possible, without unreasonable efforts, to reconcile the forecasted capital expenditures to future cash used for investing activities because management is not able to identify the timing or occurrence of future investment activity, which is driven by management's assessment of competing opportunities at the time the Company enters into transactions. 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. Management therefore is unable to reconcile, without unreasonable effort, the Company's forecasted range of adjusted EPS or the capital expenditures to a comparable GAAP range.

Air Products expects full-year fiscal 2023 adjusted EPS guidance of $11.30 to $11.50, up 10 to 12 percent over prior year adjusted EPS. For the fiscal 2023 third quarter, Air Products' adjusted EPS guidance is $2.85 to $2.95, up 10 to 14 percent over fiscal 2022 third quarter adjusted EPS.

Effective beginning in the first quarter of fiscal year 2023, management reviews adjusted EPS excluding the impact of non-service related components of the net periodic benefit/cost for the Company's defined benefit pension plans. The projected percentage increase in adjusted EPS for full year fiscal 2023 and fiscal 2023 third quarter is calculated using fiscal 2022 results recast on a consistent basis. Refer to the reconciliations of GAAP to non-GAAP historical results below for additional information.

Air Products continues to expect capital expenditures of $5.0 - $5.5 billion for full-year fiscal 2023.

Earnings Teleconference

Access the fiscal 2023 second quarter earnings teleconference scheduled for 8:30 a.m. Eastern Time on May 9, 2023 by calling 323-701-0225 and entering passcode 4444766 or by accessing the Event Details page on Air Products' Investor Relations website.

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 $65 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.

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: the duration and impacts of the ongoing COVID-19 global pandemic and efforts to contain its transmission, including the effect of these factors on our business, our customers, economic conditions and markets generally; 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 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, 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 and divestitures, including 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; catastrophic events, such as natural disasters and extreme weather events, public health crises, acts of war, including Russia's invasion of Ukraine and the ongoing civil war in Yemen, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the success of productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Cummins is betting on Hydrogen...Air Products can deliver that Hydrogen!

https://ngtnews.com/cummins-reveals-15-liter-hydrogen-engine-for-heavy-duty-applications

Dry Ice - COVID play

Why the recent drop in price?

BREAKING NEWS: $APD 3 Dividend Aristocrat Stocks to Buy in September

Pumpkin spice lattes in 90-degree heat? Only in early September 2020!  A stock market rising to record highs in the middle of a recession with double-digit unemployment? Only in early September 2020! This month, the weather's probably going to start cooling off, and the market might do th...

Read the whole news APD - 3 Dividend Aristocrat Stocks to Buy in September

This stock has been rocking for the past six months, and with a modest dividend!

News: $APD Air Products Increases Quarterly Dividend for the 37th Consecutive Year

LEHIGH VALLEY, Pa. , Jan. 24, 2019 /PRNewswire/ -- For the 37 th consecutive year, the Board of Directors of Air Products (NYSE:APD) has increased the quarterly dividend on the company's common stock, reflecting continued confidence in Air Products' financial strength, signific...

Read the whole news https://marketwirenews.com/news-releases/air-products-increases-quarterly-dividend-for-the-37th-consecutive-year-7546976.html

Air Products to close Pennsylvania plant, idling 75 workers

Air Products & Chemicals (APD +0.1%) says it is closing its Hanover Township, Pa. plant after more than 60 years, citing a decline in global orders.

The plant's 75 workers, who will lose their jobs effective Aug. 1, build heat exchangers, which are tanks up to 180 ft. long that cool natural gas as it comes out of the ground so it can be liquefied and shipped abroad.

APD still has a plant in Port Manatee, Fla., which is closer to the seaport needed to ship the exchangers overseas.

Air Products and Chemicals $APD analysis implies stock's 31% overvalued b4 earnings Friday:

Fair Value

Earnings Transcript

Read here
http://www.earningsimpact.com/Transcript/82271/APD/Air-Products-and-Chemicals%2c-Inc----Q3-2013-Earnings-Call

<<< $APD Links! >>> ~ MAC's Quick DD Links without the charts.




PennyStockTweets ~ http://www.pennystocktweets.com/stocks/profile/APD


OTC Markets Company Info ~ http://www.otcmarkets.com/stock/APD/company-info
OTC Markets Charts ~ http://www.otcmarkets.com/stock/APD/chart
OTC Markets Quote ~ http://www.otcmarkets.com/stock/APD/quote
OTC Markets News ~ http://www.otcmarkets.com/stock/APD/news
OTC Markets Financials ~ http://www.otcmarkets.com/stock/APD/financials
OTC Markets Short Sales ~ http://www.otcmarkets.com/stock/APD/short-sales
OTC Markets Insider Disclosure ~ http://www.otcmarkets.com/stock/APD/insider-transactions
OTC Markets Research Reports ~ http://www.otcmarkets.com/stock/APD/research


Google Finance Summary ~ http://www.google.com/finance?q=APD
Google Finance News ~ http://www.google.com/finance/company_news?q=APD
Google Finance Option chain ~ http://www.google.com/finance/option_chain?q=APD
Google Finance Financials ~ http://www.google.com/finance?q=APD&fstype=ii#
Google Finance Historical prices Daily ~ http://www.google.com/finance/historical?q=APD
Google Finance Historical prices Weekly ~ http://www.google.com/finance/historical?q=APD&histperiod=weekly#


Y! < Company >
Y! Profile ~ http://finance.yahoo.com/q/pr?s=APD+Profile
Y! Key Stat's ~ http://finance.yahoo.com/q/ks?s=APD+Key+Statistics
Y! Headlines ~ http://finance.yahoo.com/q/h?s=APD+Headlines
Y! Summary ~ http://finance.yahoo.com/q?s=APD
Y! Historical Prices ~ http://finance.yahoo.com/q/hp?s=APD+Historical+Prices
Y! Order Book ~ http://finance.yahoo.com/q/ecn?s=APD+Order+Book
Y! Message Boards ~ http://messages.finance.yahoo.com/mb/APD
Y! Market Pulse ~ http://finance.yahoo.com/marketpulse/APD
Y! Technical Analysis ~ http://finance.yahoo.com/q/ta?s=APD+Basic+Tech.+Analysis
Y! < Analyst Coverage >
Y! Analyst Opinion ~ http://finance.yahoo.com/q/ao?s=APD+Analyst+Opinion
Y! Analyst Estimates ~ http://finance.yahoo.com/q/ae?s=APD+Analyst+Estimates
Y! Research Reports ~ http://finance.yahoo.com/q/rr?s=APD+Research+Reports
Y! Star Analysts ~ http://finance.yahoo.com/q/sa?s=APD+Star+Analysts
Y! < Ownership >
Y! Major Holders ~ http://finance.yahoo.com/q/mh?s=APD+Major+Holders
Y! Insider Transactions ~ http://finance.yahoo.com/q/it?s=APD+Insider+Transactions
Y! Insider Roster ~ http://finance.yahoo.com/q/ir?s=APD+Insider+Roster
Y! < Financials >
Y! Income Statement ~ http://finance.yahoo.com/q/is?s=APD+Income+Statement&annual
Y! Balance Sheet ~ http://finance.yahoo.com/q/bs?s=APD+Balance+Sheet&annual
Y! Cash Flow ~ http://finance.yahoo.com/q/cf?s=APD+Cash+Flow&annual


FINVIZ ~ http://finviz.com/quote.ashx?t=APD&ty=c&ta=0&p=d


Investorshub Trades ~ http://ih.advfn.com/p.php?pid=trades&symbol=APD
Investorshub Board Search ~ http://investorshub.advfn.com/boards/getboards.aspx?searchstr=APD
Investorshub PostStream ~ http://investorshub.advfn.com/boards/poststream.aspx?ticker=APD
Investorshub Messages ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=APD
Investorshub Videos ~ http://ih.advfn.com/p.php?pid=ihvse&ihvqu=APD
Investorshub News ~ http://ih.advfn.com/p.php?pid=news&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=APD&s_ok=OK&from_month=3&from_day=15&from_year=2012&order=desc&selsrc%5B%5D=prnca&selsrc%5B%5D=prnus&selsrc%5B%5D=zacks&selsrc%5B%5D=money2&selsrc%5B%5D=djn&selsrc%5B%5D=bw&selsrc%5B%5D=globe&selsrc%5B%5D=edgar&selsrc%5B%5D=mwus&force=1&last_ts=1331855999&p_n=1&p_count=&p_ts=1331794260


CandlestickChart ~ http://www.candlestickchart.com/cgi/chart.cgi?symbol=APD&exchange=US


Barchart Quote ~ http://barchart.com/quotes/stocks/APD?
Barchart Detailed Quote ~ http://barchart.com/detailedquote/stocks/APD
Barchart Options Quotes ~ http://barchart.com/options/stocks/APD
Barchart Technical Chart ~ http://barchart.com/charts/stocks/APD&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/APD&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/APD
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=APD
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/APD
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/APD
Barchart News Headlines ~ http://barchart.com/news/stocks/APD
Barchart Profile ~ http://barchart.com/profile//APD
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=APD&view=key_statistics


OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=APD&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=APD&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=APD&MarketTicker=NYSE&Typ=S


Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/APD/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/APD/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/APD/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/APD/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/APD
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/APD/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/APD/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/APD/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/APD/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/APD/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/APD/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=APD&sid=1795093&framed=False


The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=APD


Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=APD


StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=APD&num1=567&cobrand=&mode=stock


StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=APD
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=APD


AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=APD&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8


Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=APD.PK&WTmodLOC=C4-Officers-5


StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=APD®ion=U


Search NASDAQ ~ http://www.nasdaq.com/symbol/APD
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/APD/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/APD/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/APD/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=APD&selected=APD
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=APD&selected=APD
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/APD/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/APD/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/APD/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/APD/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/APD/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/APD/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/APD/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/APD/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/APD/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/APD/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/APD/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/APD/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/APD/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/APD/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=APD&selected=APD
NASDAQ Financials ~ http://www.nasdaq.com/symbol/APD/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/APD/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/APD/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/APD/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/APD/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/APD/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/APD/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/APD/insider-trades/sells


The Motley Fool ~ http://caps.fool.com/Ticker/APD.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/APD/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/APD/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/APD/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/APD/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/APD/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/APD/Statements.aspx?source=icasittab0000009


MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=APD


YCharts ~ http://ycharts.com/companies/APD
YCharts Performance ~ http://ycharts.com/companies/APD/performance
YCharts Dashboard ~ http://ycharts.com/companies/APD/dashboard


InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=APD&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=APD&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=APD&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=APD


Zacks Quote ~ http://www.zacks.com/stock/quote/APD
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=APD
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=APD


Knobias ~ http://knobias.10kwizard.com/files.php?sym=APD


StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=APD


Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/APD/HOT_TOPIC.html


Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=APD&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=APD®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=APD®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=APD®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=APD®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=APD®ion=USA&culture=en-us


CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=APD


TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=APD


OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=APD&searcharea=e&image1.x=0&image1.y=0


Insidercow ~ http://www.insidercow.com/history/company.jsp?company=APD&B1=Search%21


Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=APD
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=APD&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null


YouTube Symbol Search ~ http://www.youtube.com/results?search_query=APD


Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=APD


Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=APD


Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=APD

Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=APD
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=APD

Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=APD

Investorpoint ~ http://www.investorpoint.com/ enter "APD" and click search.

Hotstocked ~ http://www.hotstocked.com/ enter "APD" and click search.

Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=APD

Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=APD

DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=APD

SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=APD

OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=APD

Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "APD" and click search.

http://www.coordinatedlegal.com/SecretaryOfState.html

http://regsho.finra.org/regsho-Index.html

http://www.shortsqueeze.com/?symbol=APD&submit=Short+Quote%99



DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=APD
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=APD
Check those searches for recent APD mentions. If APD is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS



MACDlinks

~ Tuesday! $APD ~ Q1 Earnings posted, pending or coming soon! In Charts and Links Below!

~ $APD ~ Earnings expected on Tuesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=APD&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=APD&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=APD
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=APD#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=APD+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=APD
Finviz: http://finviz.com/quote.ashx?t=APD
~ BusyStock: http://busystock.com/i.php?s=APD&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=APD >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

APD increased its dividend for the 30th consecutive year:

http://finance.yahoo.com/news/air-products-increases-quarterly-dividend-194100259.html

At the current share price, the new payout has a yield of 2.8%.

APD posts flat FY1Q12 EPS, maintains guidance: #msg-71279303.

Is anyone out there? T.i.a.

APD Reports FY4Q11 Results

[For archival purposes—PR is from 10/21/11. APD shares slipped on this announcement (but have since recovered) due to the tepid FY1Q12 (ending 12/31/11) EPS guidance of $1.31.-1.39. See http://www.airproducts.com/investors/~/media/Files/PDF/investors/teleconference-slides/q4fy11-teleconference-slides.ashx for the FY4Q11 CC slides.]

http://finance.yahoo.com/news/Air-Products-Reports-Fiscal-prnews-222120028.html?x=0&.v=1

›Friday October 21, 2011, 6:00 am EDT

LEHIGH VALLEY, Pa., Oct. 21, 2011 /PRNewswire/ --

Fourth Quarter Highlights

• Sales of $2.6 billion up 11%
• EPS of $1.51 up 12% [non-GAAP]
• Awarded significant Tonnage contracts in the U.S. Gulf Coast and China
• Agreement with new equity affiliate partner in Saudi Arabia

Full Year Highlights

• Sales of $10.1 billion up 12%
• EPS of $5.73 up 14% [non-GAAP]
• Capital spending of $1.6 billion up 22%*
• $649 million in share repurchases completed and new $1 billion authorization
• Dividend increased for 29th consecutive year

Air Products (NYSE:APD) today reported net income of $325 million, or diluted earnings per share (EPS) of $1.51, for its fiscal 2011 fourth quarter versus $294 million* and $1.35*, respectively, for the fourth quarter of fiscal 2010.

The discussion of fourth quarter and full year results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*

Fourth quarter revenues of $2,611 million increased 11 percent versus prior year and one percent sequentially. Underlying revenues were up six percent and two percent, respectively. Operating income of $425 million rose six percent versus prior year and two percent sequentially on improved volumes.

For fiscal 2011, sales of $10,082 million increased 12 percent, primarily driven by a nine percent volume increase. Operating income of $1,671 million was up 13 percent and diluted EPS of $5.73 increased 14 percent from the prior year.

Commenting on the results, John McGlade, chairman, president and CEO said, "This quarter's improvements were driven by growth in emerging markets and strong performance in our Tonnage Gases business. Overall economic activity for this quarter continued at the slower underlying growth rate we saw last quarter."

Reflecting on the year, McGlade said, "We achieved another solid year of key project wins, double digit sales and earnings growth despite a slowing global economy in the second half of 2011. More importantly, we saw strong gains in operating cash flow, and we improved our most important measure, return on capital, by 80 basis points to 13.3% for the year."

Fourth Quarter Segment Performance

• Merchant Gases sales of $1,045 million increased 10 percent from the prior year on higher volumes in Asia and U.S./Canada. Sequentially, sales increased two percent, on three percent volume growth. Operating income of $192 million improved four percent from the prior year on better volumes and positive pricing in Asia and U.S./Canada. This was partially offset by higher costs and lower Healthcare pricing in Europe.

• Tonnage Gases sales of $883 million were up 17 percent from the prior year on 11 percent volume growth, primarily driven by new projects. Sales were up two percent sequentially. Operating income of $152 million was up 30 percent from the prior year, based on higher volumes, lower costs and gains related to contract modifications.

• Electronics and Performance Materials sales of $587 million increased 12 percent from the prior year, primarily on higher Electronics volumes and Performance Materials pricing. Sequentially, sales decreased three percent on lower Performance Materials volumes due to slowdowns in key markets including housing, construction and autos. Operating income of $92 million was up nine percent on higher Electronics volumes and improved pricing in Performance Materials.

• Equipment and Energy sales of $96 million and operating income of $12 million were down 25 percent and 43 percent, respectively, versus the prior year due to lower LNG and air separation unit activity. Sequential sales were up 21 percent on higher air separation unit activity. The sales backlog versus prior year is up 22 percent based on several new large orders.

Outlook

Looking ahead, McGlade said, "While the near-term economic outlook is for continued slow growth and is clouded by global economic and policy uncertainties, we are well positioned with a large backlog of projects backed by signed customer contracts. We are confident that the prospects for industrial gases and Air Products, in particular, remain bright, and we remain committed to achieving our 2015 goals for growth, margin and, most importantly, return on capital."

The company today announced initial guidance for fiscal year 2012 EPS in the range of $5.90 to $6.30 per share, representing year-over-year earnings growth of three to 10 percent. For the first quarter of fiscal 2012 ending December 31, 2011, EPS is expected to be between $1.31 and $1.39 per share.

The company also announced that it expects capital spending in fiscal 2012 to be between $1.9 and $2.2 billion.

Air Products (NYSE:APD - News) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2011, Air Products had revenues of $10.1 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.‹

APD reaches $40M settlement with Spanish tax authorities:

http://finance.yahoo.com/news/Air-Products-Settles-Spanish-prnews-3815616504.html?x=0&l=1

This will reduce GAAP earnings in FY1Q12, but won’t affect non-GAAP earnings.

The 10-K for the FY ending 9/30/11 has been filed:

http://www.sec.gov/Archives/edgar/data/2969/000119312511319887/d221596d10k.htm