Air Products Chemicals Inc
For the period ended Dec 31, 2023. Filed Feb 5, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 5, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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First Quarter 2024 in Summary
FIRST QUARTER 2024 VS. FIRST QUARTER 2023
FIRST QUARTER 2024 IN SUMMARY
Sales of $2,997.4 decreased 6%, or $177.3, as lower energy cost pass-through to customers of 11% was partially offset by higher volumes of 3%, higher pricing of 1%, and a favorable impact from currency of 1%.
Operating income of $666.9 increased 2%, or $14.9, as positive pricing and higher volumes were partially offset by higher costs. Operating margin of 22.2% increased 170 basis points ("bp") due to these factors as well as a positive impact from lower energy cost pass-through to customers.
Equity affiliates' income of $158.4 increased 44%, or $48.4, primarily due to higher income from the JIGPC joint venture as well as our affiliate in Mexico.
Net income of $621.6 increased 6%, or $37.8, primarily due to higher equity affiliates' income, favorable pricing, and higher volumes, partially offset by higher costs. Net income margin of 20.7% increased 230 bp due to these factors as well as a positive impact from lower energy cost pass-through to customers.
Adjusted EBITDA of $1,174.5 increased 8%, or $91.0, and adjusted EBITDA margin of 39.2% increased 510 bp.
Diluted EPS of $2.73 increased 6%, or $0.16 per share, and included an unfavorable impact from non-service related pension costs. Adjusted diluted EPS of $2.82 increased 7%, or $0.18 per share. A summary table of changes in diluted EPS is presented below.
Changes in Diluted EPS Attributable to Air Products
The per share impacts presented in the table below were calculated independently and do not sum to the total change in diluted EPS due to rounding.
| Three Months Ended | |||
|---|---|---|---|
| 31 December · Increase | |||
| 2023 | 2022 | (Decrease) | |
| Diluted EPS | $2.73 | $2.57 | $0.16 |
| Operating Impacts | |||
| Underlying business | |||
| Volume | 0.11 | ||
| Price, net of variable costs | 0.15 | ||
| Other costs | (0.21) | ||
| Total Operating Impacts | $0.05 | ||
| Other Impacts | |||
| Equity affiliates' income | $0.18 | ||
| Interest expense | (0.05) | ||
| Other non-operating income/expense, net, excluding discrete item below | (0.03) | ||
| Non-service pension cost, net | (0.01) | ||
| Change in effective tax rate | 0.03 | ||
| Total Other Impacts | $0.12 | ||
| Total Change in Diluted EPS | $0.16 | ||
| % Change from prior year | 6% | ||
The table below summarizes the diluted per share impact of our non-GAAP adjustments for the first quarter of fiscal years 2024 and 2023:
| Three Months Ended | |||
|---|---|---|---|
| 31 December · Increase | |||
| 2023 | 2022 | (Decrease) | |
| Diluted EPS | $2.73 | $2.57 | $0.16 |
| Non-service pension cost, net | 0.08 | 0.07 | 0.01 |
| Adjusted Diluted EPS | $2.82 | $2.64 | $0.18 |
| % Change from prior year | 7% | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.