In This Story
Air Products and Chemicals, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing a decrease in sales to $12.1 billion from $12.6 billion in the previous year. This decrease is primarily attributed to a 5% reduction in energy cost pass-through.
Operating income increased significantly to $4.5 billion, up 79% from $2.5 billion in the previous year. This increase was largely due to a $1.6 billion gain from the sale of the LNG business.
Net income for the year was $3.9 billion, compared to $2.3 billion in the previous year. The increase is largely due to the gain on the sale of the LNG business.
The company reported an adjusted EBITDA of $5.0 billion, a 7% increase from the previous year. Adjusted EBITDA margin improved by 440 basis points to 41.7%.
Air Products continues to focus on its core industrial gases business and clean hydrogen projects, with significant investments in these areas.
The company issued $2.5 billion of green senior notes to finance projects expected to have environmental benefits.
Air Products returned approximately $1.6 billion to shareholders through dividend payments during the fiscal year.
The company does not anticipate any significant impact from legal proceedings, although it is involved in various environmental and regulatory matters.
Air Products' effective tax rate for the year was 19.6%, slightly higher than the previous year's rate of 19.1%.
The filing also details the company's financial agreements, including credit facilities and project financing for the NEOM Green Hydrogen Project.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Air Products and Chemicals Inc. annual 10-K report dated November 21, 2024. To report an error, please email earnings@qz.com.