— Jeff Ward, Lehigh Valley News Briefs
Air Products, a maker of industrial gases, reported fourth-quarter revenue today of $3.2 billion, unchanged from the year-ago quarter.
Revenue was unchanged because “one percent each higher volumes and pricing were offset by two percent lower energy cost pass-through,” the Upper Macungie Township-based company said in its earnings report.
Fourth-quarter adjusted earnings per share were $3.56, and profit as reported under Generally Accepted Accounting Principles (GAAP) was $8.81. The adjusted earnings do not include a $5.38 per share gain from the sale of Air Products’ LNG business, and some smaller items.
“For our fiscal fourth quarter, the team at Air Products delivered adjusted EPS up 13 percent over last year and industry-leading adjusted EBITDA margin of more than 44 percent,” Chairman, Chief Executive and President Seifi Ghasemi said in the statement.
Ghasemi has been investing in “green hydrogen,” which is hydrogen made without producing carbon emissions. Carbon dioxide is a greenhouse gas that has been linked to climate change.
Two activist investors have been seeking change at Air Products, including more of a focus on the core industrial-gas business and a change in how capital is allocated.
For full-year fiscal 2025, Air Products forecasts adjusted EPS of $12.70 to $13.00, and capital expenditures of $4.5 billion to $5.0 billion.
The company forecast first-quarter 2025 adjusted EPS of $2.75 to $2.85.
Shares of Air Products (NYSE:APD) were up $6.86 to $313.06 at 11:05 a.m. Thursday. In the last 52 weeks, they have traded as high as $332.43 and as low as $212.24.
— Disclosure: I own shares in Air Products as part of a buy-and-hold strategy.
Lehigh Valley News Briefs 