Followers | 839 |
Posts | 120502 |
Boards Moderated | 18 |
Alias Born | 09/05/2002 |
Saturday, December 31, 2011 2:39:37 PM
[For archival purposes—PR is from 10/21/11. APD shares slipped on this announcement (but have since recovered) due to the tepid FY1Q12 (ending 12/31/11) EPS guidance of $1.31.-1.39. See http://www.airproducts.com/investors/~/media/Files/PDF/investors/teleconference-slides/q4fy11-teleconference-slides.ashx for the FY4Q11 CC slides.]
http://finance.yahoo.com/news/Air-Products-Reports-Fiscal-prnews-222120028.html?x=0&.v=1
›Friday October 21, 2011, 6:00 am EDT
LEHIGH VALLEY, Pa., Oct. 21, 2011 /PRNewswire/ --
Fourth Quarter Highlights
• Sales of $2.6 billion up 11%
• EPS of $1.51 up 12% [non-GAAP]
• Awarded significant Tonnage contracts in the U.S. Gulf Coast and China
• Agreement with new equity affiliate partner in Saudi Arabia
Full Year Highlights
• Sales of $10.1 billion up 12%
• EPS of $5.73 up 14% [non-GAAP]
• Capital spending of $1.6 billion up 22%*
• $649 million in share repurchases completed and new $1 billion authorization
• Dividend increased for 29th consecutive year
Air Products (NYSE:APD) today reported net income of $325 million, or diluted earnings per share (EPS) of $1.51, for its fiscal 2011 fourth quarter versus $294 million* and $1.35*, respectively, for the fourth quarter of fiscal 2010.
The discussion of fourth quarter and full year results and guidance in this release is based on non-GAAP comparisons. A reconciliation can be found at the end of this release.*
Fourth quarter revenues of $2,611 million increased 11 percent versus prior year and one percent sequentially. Underlying revenues were up six percent and two percent, respectively. Operating income of $425 million rose six percent versus prior year and two percent sequentially on improved volumes.
For fiscal 2011, sales of $10,082 million increased 12 percent, primarily driven by a nine percent volume increase. Operating income of $1,671 million was up 13 percent and diluted EPS of $5.73 increased 14 percent from the prior year.
Commenting on the results, John McGlade, chairman, president and CEO said, "This quarter's improvements were driven by growth in emerging markets and strong performance in our Tonnage Gases business. Overall economic activity for this quarter continued at the slower underlying growth rate we saw last quarter."
Reflecting on the year, McGlade said, "We achieved another solid year of key project wins, double digit sales and earnings growth despite a slowing global economy in the second half of 2011. More importantly, we saw strong gains in operating cash flow, and we improved our most important measure, return on capital, by 80 basis points to 13.3% for the year."
Fourth Quarter Segment Performance
• Merchant Gases sales of $1,045 million increased 10 percent from the prior year on higher volumes in Asia and U.S./Canada. Sequentially, sales increased two percent, on three percent volume growth. Operating income of $192 million improved four percent from the prior year on better volumes and positive pricing in Asia and U.S./Canada. This was partially offset by higher costs and lower Healthcare pricing in Europe.
• Tonnage Gases sales of $883 million were up 17 percent from the prior year on 11 percent volume growth, primarily driven by new projects. Sales were up two percent sequentially. Operating income of $152 million was up 30 percent from the prior year, based on higher volumes, lower costs and gains related to contract modifications.
• Electronics and Performance Materials sales of $587 million increased 12 percent from the prior year, primarily on higher Electronics volumes and Performance Materials pricing. Sequentially, sales decreased three percent on lower Performance Materials volumes due to slowdowns in key markets including housing, construction and autos. Operating income of $92 million was up nine percent on higher Electronics volumes and improved pricing in Performance Materials.
• Equipment and Energy sales of $96 million and operating income of $12 million were down 25 percent and 43 percent, respectively, versus the prior year due to lower LNG and air separation unit activity. Sequential sales were up 21 percent on higher air separation unit activity. The sales backlog versus prior year is up 22 percent based on several new large orders.
Outlook
Looking ahead, McGlade said, "While the near-term economic outlook is for continued slow growth and is clouded by global economic and policy uncertainties, we are well positioned with a large backlog of projects backed by signed customer contracts. We are confident that the prospects for industrial gases and Air Products, in particular, remain bright, and we remain committed to achieving our 2015 goals for growth, margin and, most importantly, return on capital."
The company today announced initial guidance for fiscal year 2012 EPS in the range of $5.90 to $6.30 per share, representing year-over-year earnings growth of three to 10 percent. For the first quarter of fiscal 2012 ending December 31, 2011, EPS is expected to be between $1.31 and $1.39 per share.
The company also announced that it expects capital spending in fiscal 2012 to be between $1.9 and $2.2 billion.
Air Products (NYSE:APD - News) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2011, Air Products had revenues of $10.1 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit www.airproducts.com.‹
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”
Recent APD News
- Air Products and Tatung Forever Energy Sign Power Purchase Agreement for Solar Electricity in Taiwan • PR Newswire (US) • 08/28/2024 03:00:00 PM
- Air Products' Vice President, Investor Relations, to Speak at Jefferies Industrials Conference on September 4 • PR Newswire (US) • 08/28/2024 01:00:00 PM
- Air Products Publishes 2024 Sustainability Report - "Generating a Cleaner Future" • PR Newswire (US) • 08/08/2024 05:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/01/2024 06:12:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 11:58:09 AM
- Air Products Reports Fiscal 2024 Third Quarter GAAP EPS of $3.13 and Adjusted EPS of $3.20 • PR Newswire (US) • 08/01/2024 10:00:00 AM
- Air Products Trials First Mercedes-Benz Genh2 Trucks as Part of Pioneering Project with Daimler Truck and Announces Plans for a European Hydrogen Refuelling Network • PR Newswire (US) • 07/25/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/22/2024 11:00:32 AM
- Air Products' Chairman, President and CEO Seifi Ghasemi Announces Formation of Senior Management Board • PR Newswire (US) • 07/22/2024 11:00:00 AM
- Air Products Declares Quarterly Dividend • PR Newswire (US) • 07/18/2024 02:00:00 PM
- Air Products to Build, Own and Operate Two New Air Separation Units at its Facilities in Georgia and North Carolina • PR Newswire (US) • 07/17/2024 02:00:00 PM
- Air Products Appoints Eric Guter Vice President, Investor Relations • PR Newswire (US) • 07/16/2024 08:30:00 PM
- Air Products Awarded an "A" on MSCI's Environmental, Social and Governance (ESG) Ratings • PR Newswire (US) • 07/15/2024 03:00:00 PM
- Costco Hikes Membership Fees; ON Semiconductor Stock Drops 3%; WD-40 Soars 13% on Strong Q3 Earnings • IH Market News • 07/11/2024 10:17:26 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/10/2024 08:46:04 PM
- HONEYWELL TO ACQUIRE AIR PRODUCTS' LIQUEFIED NATURAL GAS PROCESS TECHNOLOGY AND EQUIPMENT BUSINESS TO EXPAND ENERGY TRANSITION SOLUTIONS AND SERVICES • PR Newswire (US) • 07/10/2024 11:00:00 AM
- HONEYWELL TO ACQUIRE AIR PRODUCTS' LIQUEFIED NATURAL GAS PROCESS TECHNOLOGY AND EQUIPMENT BUSINESS TO EXPAND ENERGY TRANSITION SOLUTIONS AND SERVICES • PR Newswire (US) • 07/10/2024 11:00:00 AM
- Air Products to Broadcast Fiscal Third Quarter Earnings Teleconference on August 1, 2024 • PR Newswire (US) • 07/01/2024 08:00:00 PM
- Air Products Membrane Solutions Breaks Ground on $70 Million Expansion of its Missouri Manufacturing and Logistics Center • PR Newswire (US) • 06/25/2024 08:55:00 PM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/20/2024 02:51:33 PM
- Air Products to Showcase Industrial Gas Solutions at the PowderMet2024 International Conference on Powder Metallurgy and Particulate Materials • PR Newswire (US) • 06/13/2024 02:00:00 PM
- Decarbonization of European Refineries: A First Agreement Signed Between TotalEnergies and Air Products for the Delivery of Green Hydrogen • Business Wire • 06/07/2024 02:08:00 PM
- Décarbonation des raffineries européennes : Un premier accord signé entre TotalEnergies et Air Products pour la livraison d'hydrogène vert • Business Wire • 06/07/2024 02:08:00 PM
- Decarbonization of European Refineries: A first agreement signed between TotalEnergies and Air Products for the delivery of Green Hydrogen • PR Newswire (US) • 06/07/2024 01:00:00 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/31/2024 01:00:58 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM