02.01.16
Air Products reported net income of $387 million and earnings per share (EPS) of $1.78, both up 15% versus prior year for its fiscal first quarter ended Dec. 31, 2015. On a GAAP basis, net income was $364 million and EPS was $1.67 for the quarter.
First quarter sales of $2,356 million decreased 8% from the prior year, as unfavorable currency and lower energy pass-through of 5% each more than offset volume and pricing increases of 1% each.
Operating income of $519 million increased 17% versus prior year, and record operating margin of 22.0% improved 460 basis points. Adjusted EBITDA of $786 million increased 9% over prior year, and record EBITDA margin of 33.4% improved 520 basis points. Profit improvement was driven by good cost performance and higher pricing.
Commenting on the quarter, Seifi Ghasemi, chairman, president and CEO, said, “The Air Products teams around the world continue to execute our five-point plan and control what they can control, regardless of challenging economic conditions and currency headwinds. You can see their focus and commitment reflected in our very strong financial results, including EBITDA margin of 33.4%, up over 500 basis points, and return on capital employed of 11.7%, up 160 basis points.”
First quarter sales of $2,356 million decreased 8% from the prior year, as unfavorable currency and lower energy pass-through of 5% each more than offset volume and pricing increases of 1% each.
Operating income of $519 million increased 17% versus prior year, and record operating margin of 22.0% improved 460 basis points. Adjusted EBITDA of $786 million increased 9% over prior year, and record EBITDA margin of 33.4% improved 520 basis points. Profit improvement was driven by good cost performance and higher pricing.
Commenting on the quarter, Seifi Ghasemi, chairman, president and CEO, said, “The Air Products teams around the world continue to execute our five-point plan and control what they can control, regardless of challenging economic conditions and currency headwinds. You can see their focus and commitment reflected in our very strong financial results, including EBITDA margin of 33.4%, up over 500 basis points, and return on capital employed of 11.7%, up 160 basis points.”