Air Products and Chemicals, Inc. (NYSE: APD), a leading developer of industrial gas projects, reported mixed results for the first quarter of 2024. The company also provided second-quarter and full-year guidance
- Net income, on a reported basis, increased 6% annually to $622 million or $2.73 per share in the first quarter
- Adjusted earnings moved up 7% from last year to $2.82 per share in Q1; at $1.2 billion, adjusted EBITDA was up 8%
- First-quarter net sales came in at $3.0 billion, down 6% from the prior-year period
- The board of directors raised the quarterly dividend to $1.77 per share, marking the 42nd consecutive year of hikes
- The company expects full-year adjusted earnings to be in the range of $12.20 per share to $12.50 per share
- For the second quarter of 2024, the management estimates adjusted earnings per share to be between $2.60 and $2.75
- Air Products is looking for fiscal year 2024 capital expenditures in the range of $5.0 billion to $5.5 billion