Air Products & Chemicals Files 10-Q for Q1 2025

TL;DR

APD 10-Q filed. Financials for Q1 2025 out. Check it.

AI Summary

Air Products & Chemicals, Inc. filed its 10-Q for the period ending December 31, 2024. The company reported financial results and provided updates on its business operations. Key financial data and operational details are included in the filing.

Why It Matters

This filing provides investors with a quarterly update on Air Products & Chemicals' financial health and operational performance, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• Air Products & Chemicals, Inc. (company) — Filer of the 10-Q
• 2024-12-31 (date) — End of the reporting period
• 2025-02-06 (date) — Filing date

FAQ

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share APD New York Stock Exchange
• $1 — er of shares of common stock, par value $1 per share, outstanding at 31 December 2

Filing Documents

• apd-20241231.htm (10-Q) — 1747KB
• apd-exhibit101x31dec24.htm (EX-10.1) — 64KB
• apd-exhibit102x31dec24.htm (EX-10.2) — 85KB
• apd-exhibit311x31dec24.htm (EX-31.1) — 8KB
• apd-exhibit312x31dec24.htm (EX-31.2) — 8KB
• apd-exhibit321x31dec24.htm (EX-32.1) — 7KB
• apd-20241231_g1.jpg (GRAPHIC) — 113KB
• 0000002969-25-000013.txt ( ) — 10037KB
• apd-20241231.xsd (EX-101.SCH) — 52KB
• apd-20241231_cal.xml (EX-101.CAL) — 74KB
• apd-20241231_def.xml (EX-101.DEF) — 394KB
• apd-20241231_lab.xml (EX-101.LAB) — 720KB
• apd-20241231_pre.xml (EX-101.PRE) — 582KB
• apd-20241231_htm.xml (XML) — 1527KB

Forward-Looking Statements

Forward-Looking Statements 3

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Income Statements – Three Months Ended 31 December 2024 and 2023 5 Consolidated Comprehensive Income Statements – Three Months Ended 31 December 2024 and 2023 6 Consolidated Balance Sheets – 31 December 2024 and 30 September 2024 7 Consolidated Statements of Cash Flows – Three Months Ended 31 December 2024 and 2023 8 Consolidated Statements of Equity – Three Months Ended 31 December 2024 and 2023 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 52

Controls and Procedures

Item 4. Controls and Procedures 52

—OTHER INFORMATION

PART II—OTHER INFORMATION

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 53 Signature 54 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "future," "goal," "intend," "may," "outlook," "plan," "positioned," "possible," "potential," "project," "should," "target," "will," "would," and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. Forward-looking statements are based on management's expectations and assumptions as of the date of this report and are not guarantees of future performance. You are cautioned not to place undue reliance on our forward-looking statements. Forward-looking statements may relate to a number of matters, including expectations regarding revenue, margins, expenses, earnings, tax provisions, cash flows, pension obligations, share repurchases or other statements regarding economic conditions or our business outlook; statements regarding capital expenditures and plans, projects, strategies and objectives for our future operations, including our ability to win new projects and execute the projects in our backlog; and statements regarding our expectations with respect to pending legal claims or disputes. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: changes in global or regional economic conditions, inflation, and supply and demand dynamics in the m

FORWARD-LOOKING STATEMENTS (CONTINUED)

FORWARD-LOOKING STATEMENTS (CONTINUED) risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers; catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including Russia's invasion of Ukraine and new and ongoing conflicts in the Middle East, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; and the commencement and success of any productivity and operational improvement programs. In addition to the foregoing factors, forward-looking statements contained herein are qualified with respect to the risks disclosed elsewhere in this document, including in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations , and Item 3, Quantitative and Qualitative Disclosures About Market Risk , as well as with respect to the risks described in Item 1A, Risk Factors , to our Annual Report on Form 10-K for the fiscal year ended 30 September 2024. Any of these factors, as well as those not currently anticipated by management, could cause our results of operations, financial condition or liquidity to differ materially from what is expressed or implied by any forward-looking statement. Except as required by law, we disclaim any obligation

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Air Products and Chemicals, Inc. and Subsidiaries CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Ended 31 December (Millions of U.S. Dollars, except for share and per share data) 2024 2023 Sales $ 2,931.5 $ 2,997.4 Cost of sales 2,016.5 2,067.2 Selling and administrative expense 242.4 238.4 Research and development expense 22.0 25.7 Shareholder activism costs 29.9 — Other income (expense), net 22.9 0.8 Operating Income 643.6 666.9 Equity affiliates' income 150.6 158.4 Interest expense 42.6 53.5 Other non-operating income (expense), net 38.9 ( 14.8 ) Income Before Taxes 790.5 757.0 Income tax provision 140.7 135.4 Net Income 649.8 621.6 Net income attributable to noncontrolling interests 32.4 12.3 Net Income Attributable to Air Products $ 617.4 $ 609.3 Per Share Data (U.S. Dollars per share) Basic earnings per share attributable to Air Products $ 2.77 $ 2.74 Diluted earnings per share attributable to Air Products $ 2.77 $ 2.73 Weighted Average Common Shares (in millions) Basic 222.7 222.5 Diluted 222.9 222.8 The accompanying notes are an integral part of these statements. 5 Table of Contents Air Products and Chemicals, Inc. and Subsidiaries CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Unaudited) Three Months Ended 31 December (Millions of U.S. Dollars) 2024 2023 Net Income $ 649.8 $ 621.6 Other Comprehensive (Loss) Income, net of tax: Translation adjustments, net of tax of $ 46.2 and ($ 29.8 ) ( 624.0 ) 380.6 Net gain (loss) on derivatives, net of tax of ($ 22.0 ) and $ 5.5 65.7 ( 161.1 ) Reclassification adjustments: Derivatives, net of tax of $ 27.8 and ($ 12.8 ) 91.9 ( 42.2 ) Pension and postretirement benefits, net of tax of $ 3.3 and $ 4.2 11.0 13.7 Total Other Comprehensive (Loss) Income ( 455.4 ) 191.0 Comprehensive Income $ 194.4 $ 812.6 Net Income Attributable to Noncontrolling Interests 32.4 12.3 Other Comprehensive Income (Loss) Attributable to Nonc

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Millions of U.S. Dollars, unless otherwise indicated 1. Basis of Presentation and Major Accounting Policies 11 2. New Accounting Guidance 11 3. Variable Interest Entities 12 4. Revenue Recognition 15 5. Inventories 16 6. Goodwill 16 7. Financial Instruments 17 8. Fair Value Measurements 22 9. Retirement Benefits 24 10. Commitments and Contingencies 24 11. Share-Based Compensation 26 12. Accumulated Other Comprehensive Loss 27 13. Earnings per Share 28 14. Supplemental Information 29 15. Business Segment Information 31 10 Table of Contents 1. BASIS OF PRESENTATION AND MAJOR ACCOUNTING POLICIES As used in this report, unless the context indicates otherwise, the terms "we", "our", "us", the "Company", "Air Products", or "registrant" include our controlled subsidiaries and affiliates. Basis of Presentation The interim consolidated financial statements of Air Products and Chemicals, Inc. and its subsidiaries included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to fairly present the financial position, results of operations, and cash flows for those periods indicated and contain adequate disclosures to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the notes to the interim consolidated financial statements. To fully understand the basis of presentation, the interim consolidated financial statements and related notes included herein should be read in conjunction with t

View Full Filing

View this 10-Q filing on SEC EDGAR