— Jeff Ward, Lehigh Valley News Briefs
Air Products reported fiscal first-quarter revenue of $2.9 billion, down 2% from the year-ago quarter.
The maker of industrial gases said pricing was stronger this year, but sales were 2% lower and currency translations knocked another 1% off revenue.
For the quarter, adjusted earnings per share were $2.86, matching the preliminary number the company reported Jan. 14. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) of $1.2 billion was up 1% year-on-year. Adjusted EBITDA margin of 40.6 percent was up 1.4 percentage points. EBITDA excludes the effects of some accounting and financing decisions, providing analysts a clear look at company operations.
The company affirmed its full-year 2025 adjusted EPS forecast of $12.70 to $13.00, with second-quarter EPS of $2.75 to $2.85. Fiscal year capital expenditures will be between $4.5 billion to $5 billion.
Today’s earnings statement contains no comments from Seifi Ghasemi for the first time in perhaps 10 years. Ghasemi, formerly chairman, chief executive and president, was voted off the board last month and has left the company. He was replaced as CEO by Eduardo Menezes.
Those changes followed a proxy battle, with activist investor Mantle Ridge contesting Air Products’ strategy and leadership.
Shares of Air Products (NYSE:APD) traded at $325.39 at 10:39 a.m. today, down $7.76. The shares have been moving up over the last few weeks and recently touched a 52-week high of $341.14.
The company’s market capitalization is about $72.4 billion.
— Disclosure: I own Air Products shares as a long-term buy-and-hold.
Lehigh Valley News Briefs 