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Air Products and Chemicals Inc. (APD0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports sales of $2,931.5 million, a 2% decrease from the previous year, attributed to lower volumes and unfavorable currency impacts, partially offset by favorable pricing.
Operating income decreased by 3% to $643.6 million, with an operating margin of 22.0%. The decrease was due to higher costs and lower volumes, despite higher pricing and favorable currency.
Net income increased by 5% to $649.8 million, driven by higher pricing and lower non-service pension costs, offset by higher costs.
Adjusted EBITDA increased by 1% to $1,190.9 million, with a margin of 40.6%, due to higher pricing offsetting increased costs.
The company reported an effective tax rate of 17.8%, slightly lower than the previous year's 17.9%.
Equity affiliates' income decreased by 5% to $150.6 million, primarily due to lower income from the JIGPC joint venture.
Cash provided by operating activities was $811.7 million, compared to $626.6 million in the previous year, with changes in working capital accounts being a minor use of cash.
Cash used for investing activities was $2,182.1 million, primarily due to additions to plant and equipment.
Cash provided by financing activities was $274.2 million, driven by long-term debt proceeds and investments by noncontrolling interests.
Total debt increased to $14.5 billion, with additional borrowings for the NEOM Green Hydrogen Project.
The filing also details various financial agreements, including project financing for the NEOM Green Hydrogen Project and credit facilities available to foreign subsidiaries.
The company declared a quarterly dividend of $1.77 per share, payable on February 10, 2025, and announced a $0.02 per share increase to the quarterly dividend, payable on May 12, 2025.
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. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.