The earnings call reflected strong financial performance and strategic growth in clean hydrogen, offset by economic concerns in China and challenges in certain segments. Despite some project delays and the impact of the LNG divestiture, the company's robust safety record, successful divestitures, and positive future outlook contribute to a balanced sentiment.

Company Guidance

During the Air Products Q4 2024 earnings call, the company provided guidance for fiscal year 2025, highlighting several key metrics and strategic directions. The adjusted earnings per share (EPS) for the fourth quarter was reported at $3.56, which was at the upper end of the guidance range of $3.33 to $3.63, marking a 13% increase over the previous year. The company expects its ongoing business, excluding the LNG business sold to Honeywell, to deliver an adjusted EPS of $12.70 to $13.00, reflecting a 6% to 9% improvement compared to last year. The EBITDA margin showed a notable increase of 460 basis points, while the operating margin rose by 350 basis points. Looking forward to fiscal year 2025, Air Products anticipates a modest 2.5% increase in outlook compared to the previous year, with first-quarter adjusted EPS projected to be between $2.75 and $2.85. The guidance also accounts for anticipated challenges, such as the economic uncertainty in China, while emphasizing the company's strategic focus on expanding its core industrial gas business and developing its clean hydrogen platform, projecting a 10% annual growth rate in adjusted EPS over the next decade.

Record Safety Achievements

Air Products reported significant progress in safety, achieving its best safety record with substantial improvements in employee lost time and recordable injury rates since 2014.

Strong Financial Performance

Adjusted earnings per share for Q4 2024 reached $3.56, a 13% increase over the previous year, with an adjusted EBITDA margin increase of 460 basis points.

Successful LNG Business Sale

Completed the $1.8 billion sale of the LNG process technology and equipment business to Honeywell, marking a strategic divestiture.

Positive Outlook for Fiscal Year 2025

Projected adjusted earnings per share to grow by 6% to 9% in fiscal 2025, despite the divestiture of the LNG business.

Clean Hydrogen Growth Strategy

Continued focus on clean hydrogen with significant investments in green and blue hydrogen projects, leveraging 65 years of hydrogen experience.

NEOM Project Progress

60% completion of the NEOM green hydrogen project, with 35% of production contracted on a take-or-pay basis. On track to start production by the end of 2026.

Dividend Growth

Achieved a 9% annual growth rate in dividends since 2014, with plans to return $1.6 billion to shareholders in dividend payments for the current year.

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Air Products and Chemicals (APD) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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APD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 30, 2025	2025 (Q1)	2.85 / -	2.82	―	―	―
Nov 07, 2024	2024 (Q4)	3.48 / 3.56	3.15	13.02% (+0.41)
Aug 01, 2024	2024 (Q3)	3.03 / 3.20	2.98	7.38% (+0.22)
Apr 30, 2024	2024 (Q2)	2.70 / 2.85	2.74	4.01% (+0.11)
Feb 05, 2024	2024 (Q1)	2.98 / 2.82	2.64	6.82% (+0.18)
Nov 07, 2023	2023 (Q4)	3.11 / 3.15	2.89	9.00% (+0.26)
Aug 03, 2023	2023 (Q3)	2.92 / 2.98	2.62	13.74% (+0.36)
May 09, 2023	2023 (Q2)	2.65 / 2.74	2.38	15.13% (+0.36)
Feb 02, 2023	2023 (Q1)	2.70 / 2.64	2.52	4.76% (+0.12)
Nov 03, 2022	2022 (Q4)	2.76 / 2.89	2.51	15.14% (+0.38)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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APD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 07, 2024	$306.73	$312.82	+1.99%
Aug 01, 2024	$262.28	$285.76	+8.95%
Apr 30, 2024	$235.08	$233.32	-0.75%
Feb 05, 2024	$253.02	$213.67	-15.55%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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