Earnings Summary: Air Products reports fiscal 2023 fourth-quarter results

Air Products and Chemicals, Inc. (NYSE: APD), a leading developer of industrial gas projects, reported an increase in profit for the fourth quarter of 2023, despite a decline in net sales.

• Fourth-quarter net income, on a reported basis, increased to $692.6 million or $3.11 per share from $583.1 million or $2.62 per share in the year-ago quarter
• Adjusted profit was $3.15 per share in the third quarter, which is up 11% from the prior-year period
• Fourth-quarter adjusted EBITDA increased 10% year-over-year to $1.3 billion; At 39.5%, adjusted EBITDA margin was up 740 basis points
• Net income margin came in at 21.8%, which is up 520 basis points; Q4 net sales declined to $3.19 billion from $3.57 billion in Q4 2022
• For fiscal 2024, the company expects adjusted earnings to be in the range of $12.80 per share to $13.10 per share
• For the first quarter of 2024, the management forecasts adjusted earnings between $2.90 per share and $3.05 per share