Air Products Chemicals Inc
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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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.
Mar 31, 2024 · Filed Apr 30, 2024
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First Six Months 2024 in Summary
FIRST SIX MONTHS 2024 VS. FIRST SIX MONTHS 2023
FIRST SIX MONTHS 2024 IN SUMMARY
Sales of $5,927.6 decreased 7%, or $447.2, as lower energy cost pass-through to customers of 9% was partially offset by higher pricing of 1% and higher volumes of 1%.
Operating income of $1,304.1 increased 17%, or $192.3, as lower charges for business and asset actions, positive pricing, and higher volumes were partially offset by higher other costs and unfavorable currency. Operating margin of 22.0% increased 460 bp due to these factors as well as a positive impact from lower energy cost pass-through to customers.
Equity affiliates' income of $301.7 increased 9%, or $25.8, primarily due to higher income from our affiliate in Mexico.
Net income of $1,202.5 increased 16%, or $168.8, primarily due to lower charges for business and asset actions, favorable pricing, and higher equity affiliates' income, partially offset by higher interest expense and higher other costs. Net income margin of 20.3% increased 410 bp due to these factors as well as a positive impact from lower energy cost pass-through to customers.
Adjusted EBITDA of $2,372.8 increased 6%, or $138.4, and adjusted EBITDA margin of 40.0% increased 490 bp.
Diluted EPS of $5.30 increased 17%, or $0.76 per share. Diluted EPS for the first half of fiscal years 2024 and 2023 included unfavorable impacts from business and asset actions as well as non-service related pension costs. On a non-GAAP basis, adjusted diluted EPS of $5.67 increased 5%, or $0.29 per share. A summary table of changes in diluted EPS is presented below.
In January 2024, the Board of Directors increased the quarterly dividend to $1.77 per share, representing our 42 nd consecutive year of dividend increases.
Changes in Diluted EPS Attributable to Air Products
The per share impacts presented in the tables below were calculated independently and do not sum to the total change in diluted EPS due to rounding.
| Six Months Ended | |||
|---|---|---|---|
| 31 March · Increase | |||
| 2024 | 2023 | (Decrease) | |
| Diluted EPS | $5.30 | $4.54 | $0.76 |
| Operating Impacts | |||
| Underlying business | |||
| Volume | $0.04 | ||
| Price, net of variable costs | 0.31 | ||
| Other costs | (0.09) | ||
| Currency | (0.03) | ||
| Business and asset actions | 0.49 | ||
| Total Operating Impacts | $0.72 | ||
| Other Impacts | |||
| Equity affiliates' income | $0.09 | ||
| Interest expense | (0.11) | ||
| Other non-operating income/expense, net, excluding discrete item below | (0.01) | ||
| Non-service pension cost, net | (0.03) | ||
| Change in effective tax rate | 0.06 | ||
| Noncontrolling interests | 0.03 | ||
| Total Other Impacts | $0.03 | ||
| Total Change in Diluted EPS | $0.76 | ||
| % Change from prior year | 17% | ||
The table below summarizes the diluted per share impact of our non-GAAP adjustments for the first six months of fiscal years 2024 and 2023:
| Six Months Ended | |||
|---|---|---|---|
| 31 March · Increase | |||
| 2024 | 2023 | (Decrease) | |
| Diluted EPS | $5.30 | $4.54 | $0.76 |
| Business and asset actions | 0.20 | 0.69 | (0.49) |
| Non-service pension cost, net | 0.17 | 0.14 | 0.03 |
| Adjusted Diluted EPS | $5.67 | $5.38 | $0.29 |
| % Change from prior year | 5% | ||
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