Financial News Releases

Air Products Declares Quarterly Dividend

Thu, 19 May 2016 00:00:00 -0400

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 86 cents per share of common stock. The dividend is payable on August 8, 2016 to shareholders of record at the close of business on July 1, 2016.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2015.

Air Products’ CEO to Speak at Goldman Sachs Basic Materials Conference on May 17

Tue, 10 May 2016 00:00:00 -0400

Air Products (NYSE:APD) today announced that Chairman, President and CEO Seifi Ghasemi will present at the Goldman Sachs Basic Materials Conference in New York on Tuesday, May 17, 2016 at 8:35 a.m. ET.

Ghasemi’s presentation will focus on the company’s goals, strategy and actions to deliver shareholder value by becoming the safest and most profitable industrial gases company in the world, providing excellent service to customers.

An audio webcast will be available on Air Products’ Investor Relations Event Details web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Air Products Reports Fiscal 2016 Second Quarter Adjusted EPS Up 17* Percent

Thu, 28 Apr 2016 00:00:00 -0400

Quarterly adjusted EPS from continuing operations of $1.82 up 17 percent driven by restructuring and self-help measures, up 20 percent at constant exchange rates
Quarterly adjusted EBITDA margin of 35.1 percent up 560 basis points, and adjusted Return on Capital Employed (ROCE) of 13.0 percent up 200 basis points versus prior year
Quarterly GAAP EPS from continuing operations of $1.74 versus prior year of $1.34
Announced decision to exit Energy-from-Waste (EfW) business; segment presented as a discontinued operation
Fiscal 2016 third quarter adjusted EPS from continuing operations guidance of $1.87 to $1.92, up 13 to 16 percent versus prior year
Increasing fiscal full-year 2016 adjusted EPS from continuing operations guidance of $7.40 to $7.55, up 12 to 14 percent

*The results and guidance in this release, including in the highlights above, unless otherwise indicated, are based on “adjusted” non-GAAP continuing operations. A reconciliation of GAAP to non-GAAP results can be found at the end of this release.

Air Products (NYSE: APD) today reported adjusted net income from continuing operations of $397 million, up 18 percent versus prior year, and adjusted earnings per share (EPS) from continuing operations of $1.82, up 17 percent versus prior year, for its fiscal second quarter ended March 31, 2016.

On a GAAP basis, net income from continuing operations was $380 million and EPS from continuing operations was $1.74 for the quarter.

Second quarter sales of $2,271 million decreased six percent from the prior year on unfavorable currency and lower energy pass-through of three percent each. Volumes were unchanged, as Industrial Gases – Asia growth continued while most other segment volumes were lower. Pricing overall was flat despite higher pricing in Industrial Gases – Americas and Industrial Gases – Europe, Middle East and Africa (EMEA).

Adjusted operating income of $532 million increased 20 percent versus prior year, and record adjusted operating margin of 23.4 percent improved 500 basis points. Adjusted EBITDA of $797 million increased 12 percent over prior year, and record adjusted EBITDA margin of 35.1 percent improved 560 basis points. Adjusted ROCE increased 200 basis points to 13 percent. Restructuring and self-help measures drove this improvement.

Commenting on the results, Seifi Ghasemi, chairman, president and chief executive officer, said, “With their sharp focus on executing our strategic Five-Point plan by controlling what they can control, the committed and motivated team at Air Products delivered excellent results again this quarter. In the face of challenging economic conditions and a weak manufacturing environment, Air Products again posted significant profit improvement, with EPS up 17 percent and record EBITDA margin of 35.1 percent, up 560 basis points. We have now delivered seven consecutive quarters of double-digit EPS growth.”

Air Products Q2FY16 Earnings Release – Tables
Reconciliation of Non-GAAP Measures, Consolidated Income Statements, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, Summary by Business Segments, Notes to Consolidated Financial Statements
Download PDF (850 KB)

Second Quarter Results by Business Segment:

Industrial Gases – Americas sales of $798 million decreased 10 percent versus prior year, as lower energy pass-through reduced sales by six percent and unfavorable currency reduced sales by three percent. Volumes decreased two percent, primarily on lower demand in Latin America, as well as weakness in the oilfield services and North American steel markets. Pricing increased one percent. Operating income of $224 million increased 23 percent over prior year, and adjusted EBITDA of $341 million increased 14 percent, driven by the benefits from restructuring actions and lower maintenance costs. Record operating margin of 28.1 percent improved 770 basis points, and record adjusted EBITDA margin of 42.8 percent improved 910 basis points over prior year.
Industrial Gases – EMEA sales of $420 million declined six percent versus last year, with lower energy pass-through reducing sales by four percent and unfavorable currency reducing sales by three percent. Underlying sales were up one percent, as two percent higher pricing was partially offset by one percent lower volumes. Operating income of $89 million increased 26 percent from the prior year, and adjusted EBITDA of $145 million increased 14 percent versus prior year on the benefits from restructuring and pricing actions. Record operating margin of 21.3 percent increased 550 basis points, and record adjusted EBITDA margin of 34.5 percent increased 630 basis points over the prior year.
Industrial Gases – Asia sales of $406 million increased three percent versus prior year, as volume growth of 10 percent, driven by both strong underlying business and new plants, was partially offset by six percent unfavorable currency and one percent lower pricing. Operating income of $104 million increased 23 percent and adjusted EBITDA of $170 million increased 18 percent on the benefits from restructuring actions and higher volumes. Operating margin of 25.7 percent improved 410 basis points over prior year, and adjusted EBITDA margin of 41.9 percent increased 520 basis points. Profits declined sequentially, primarily on lower merchant volumes due to the Lunar New Year holiday.
Materials Technologies sales of $494 million decreased seven percent versus the prior year on six percent lower volumes. Operating income of $129 million was up four percent and adjusted EBITDA of $150 million was up one percent from prior year, with price and raw materials management, mix and restructuring actions driving the profit improvement. Record operating margin of 26.2 percent was up 290 basis points, and record adjusted EBITDA margin of 30.2 percent was up 240 basis points.
- Electronic Materials sales of $234 million declined 10 percent from the prior year due to lower delivery systems volumes. Operating margin of 30.1 percent was up 400 basis points and adjusted EBITDA margin of 35.5 percent increased 320 basis points, driven by favorable pricing and mix and the benefits of restructuring actions.
- Performance Materials sales of $261 million decreased five percent from the prior year on two percent lower volumes, driven by weaker additives and epoxies demand, and two percent lower pricing. Operating margin of 22.8 percent and adjusted EBITDA margin of 25.8 percent were both up 160 basis points, driven by lower raw material costs.

In the second fiscal quarter of 2016:

The EfW business segment has been accounted for as a discontinued operation. A loss on disposal of $946 million pre-tax ($847 million after-tax) was recorded, primarily to write down the assets to their estimated net realizable value.
Non-GAAP results for the Company exclude $8.6 million, or $0.03 per share, of expenses for cost reduction actions; $7.4 million, or $0.04 per share, in legal and advisory fees related to the intended separation of the Company’s Materials Technologies business; and $2.6 million, or $0.01 per share, for pension settlement costs.

Outlook

The capital expenditure forecast for fiscal year 2016 is approximately $1.2 billion.

Air Products expects fiscal 2016 third quarter adjusted EPS from continuing operations to be between $1.87 and $1.92 per share, up 13 to 16 percent versus prior year.

The Company is increasing its full-year fiscal 2016 adjusted EPS from continuing operations guidance to $7.40 to $7.55 earnings per share, up 12 to 14 percent from the prior year. The Company’s previous guidance was $7.25 to $7.50.

Access the Q2 earnings teleconference scheduled for 10:00 a.m. Eastern Time on April 28 by calling (913) 312-0726 and entering passcode 6881421, or access the Event Details page on Air Products’ Investor Relations web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The Company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The Company’s Materials Technologies business serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The Company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings guidance and business outlook. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, global or regional economic conditions and supply and demand dynamics in market segments into which the Company sells; significant fluctuations in interest rates and foreign currencies from that currently anticipated; with regard to the previously announced separation of Materials Technologies, general economic and business conditions that may affect the separation and the execution thereof, changes in capital market conditions, or the Company’s decision not to consummate the separation due to market, economic or other events; future financial and operating performance of major customers; unanticipated contract terminations or customer cancellations or postponement of projects and sales; asset impairments due to economic conditions or specific events; the impact of competitive products and pricing; challenges of implementing new technologies; ability to protect and enforce the Company's intellectual property rights; unexpected changes in raw material supply and markets; the impact of price fluctuations in natural gas and disruptions in markets and the economy due to oil price volatility; the ability to recover increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory investigations; the success of productivity and cost reduction programs; the timing, impact, and other uncertainties of future acquisitions or divestitures; political risks, including the risks of unanticipated government actions; acts of war or terrorism; the impact of changes in environmental, tax or other legislation and regulatory activities in jurisdictions in which the Company and its affiliates operate; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2015. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products Awarded Long-term Contract to Supply Leading Semiconductor Packaging and Test Services Company in South Korea

Tue, 05 Apr 2016 00:00:00 -0400

Air Products (NYSE: APD) today announced it has been awarded a long-term contract by JCET STATS ChipPAC Korea Ltd. (JSCK), a leading semiconductor packaging and test services provider, to supply tonnage quantities of nitrogen to its new production facility in Incheon, South Korea.

Air Products will build, own and operate a new on-site nitrogen plant—which is expected to come onstream in 2016—to produce gaseous nitrogen for JSCK’s new facility located in the Yeongjongdo development area of the Incheon Free Economic Zone (IFEZ). Air Products will start supplying JSCK with liquid nitrogen from another one of its facilities beginning the middle of this year.

“We are honored to have been selected to support JSCK’s expansion plan and look forward to growing together with our valued customer,” said Kyo-Yung Kim, president of Air Products Korea. “Air Products has been a leading supplier to electronics customers worldwide thanks to their longstanding trust in our safety and reliability, as well as product and service quality. We will continue to bring innovative and efficient gas solutions to meet market needs.”

STATS ChipPAC is one of the leading semiconductor packaging and test services providers for many leading global customers in the communication, consumer and computing markets and is ranked fourth in the world’s packaging market with manufacturing operations in Singapore, South Korea and China. Its new production facility will use Air Products’ nitrogen for the manufacture of advanced flip chip, wirebond and 3D packaging solutions.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2015.

Air Products Will Exit Energy-from-Waste Business

Mon, 04 Apr 2016 00:00:00 -0400

Air Products (NYSE: APD) has announced that the Company will exit its Energy-from-Waste (EfW) business. As a result, the EfW business segment will be accounted for as a discontinued operation effective in the Company’s second fiscal quarter. Also in the second quarter, Air Products expects to record a pre-tax charge in the range of $900 million to $1.0 billion in discontinued operations, primarily to write down assets associated with the EfW business to their realizable value.

In previous public comments, Air Products’ management has communicated the challenges with the Tees Valley, UK projects. Testing and analysis completed during the Company’s fiscal second quarter indicated that additional design and operational challenges would require significant time and cost to rectify. Consequently, the Board of Directors has decided that it is no longer in the best interest of the Company and its shareholders to continue the Tees Valley projects. Air Products will work to optimize the cash value of its investments. Exiting the EfW business will allow the Company to direct its resources to its core business of Industrial Gases.

The Board of Director’s decision to exit EfW is expected to have the following impacts on the Company’s financial reporting and metrics:

On a historical basis, the impact of moving the EfW segment to discontinued operations will increase EPS from continuing operations by about 3 to 4 cents for FY14 and FY15, as there was a small operating loss reported in the EfW segment.
The EfW asset write-down is expected to result in an increase in the Company’s Return on Capital Employed (ROCE) from continuing operations by approximately 80 basis points, driven by removing the asset value from the denominator in this calculation.
A modest future cash tax benefit is expected from the write-off.
Additional details on these financial impacts will be available with the Company’s fiscal Q2FY16 earnings announcement on April 28.

“Air Products is focused on our core Industrial Gas business. We pushed very hard to make this new EfW technology work and I would like to thank the team who worked so diligently. We appreciate the hard work of our employees and contractors at the site, and certainly understand their disappointment in this decision. We are also disappointed with the outcome,” said Seifi Ghasemi, chairman, president and CEO of Air Products.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The Company’s Materials Technologies business serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The Company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the expected amount and timing of charges and cash expenditures. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including the risk that the charges or cash expenditures may be in excess of the estimated amounts or may occur in different fiscal periods than expected, the Company’s inability to complete actions to exit the EfW business within the time periods anticipated, and other risk factors including those described in the Company’s Form 10K for its fiscal year ended September 30, 2015.

Air Products to Broadcast Second Quarter Earnings Teleconference on April 28

Tue, 29 Mar 2016 00:00:00 -0400

Air Products (NYSE:APD) will release its fiscal 2016 second quarter financial results on Thursday, April 28, 2016 before the stock market opens and will review these results later that day in a teleconference at 10:00 a.m. ET. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: 913-312-0726
Passcode: 6881421
Internet broadcast/slides: Available on the Event Details page on Air Products’ Investor Relations website.

Telephone replay: 888-203-1112 (domestic) or 719-457-0820 (international)
Passcode: 6881421
Available from 2:00 p.m. ET on April 28 through 2:00 p.m. ET on May 5, 2016.
Internet replay: Available on the Event Details page on Air Products’ Investor Relations website.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Air Products Increases Quarterly Dividend for 34th Consecutive Year

Thu, 17 Mar 2016 00:00:00 -0400

The Board of Directors of Air Products (NYSE:APD) today increased the quarterly dividend on the company’s common stock to 86 cents per share from 81 cents, representing a six percent increase.

The dividend is payable on May 9, 2016 to shareholders of record at the close of business on April 1, 2016. This marks the 34th consecutive year that Air Products has increased its dividend payment.

“As Air Products has continued to drive substantial improvements in profitability, our priorities for the use of the significant cash we generate have remained the same,” said Chairman, President and CEO Seifi Ghasemi. “Those priorities include maintaining our A credit rating, investing in organic growth and accretive acquisitions, continuing to increase the dividend, and finally, if there is excess cash available and the market conditions are right, returning it to shareholders in the form of share buybacks. The Board’s decision to increase the dividend for the 34th consecutive year reflects the continued financial strength of the company, underpinned by the stability and security of our long-term contracts,” he added.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2015.

Air Products’ CEO to Speak at J.P. Morgan Aviation, Transportation & Industrials Conference on March 9

Wed, 02 Mar 2016 00:00:00 -0500

Air Products (NYSE:APD) today announced that Chairman, President and CEO Seifi Ghasemi will participate in a Q&A session at the J.P. Morgan Aviation, Transportation & Industrials Conference in New York on Wednesday, March 9, 2016 at 8:30 a.m. ET.

An audio webcast will be available on Air Products’ Investor Relations event details web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Air Products’ CEO to Address Bank of America Merrill Lynch Global Agriculture & Chemicals Conference on March 3

Thu, 25 Feb 2016 00:00:00 -0500

Air Products (NYSE:APD) today announced that Chairman, President and CEO Seifi Ghasemi will present at the Bank of America Merrill Lynch Global Agriculture & Chemicals Conference in Fort Lauderdale, Florida on Thursday, March 3, 2016 at 1:30 p.m. ET.

Ghasemi’s presentation will focus on the company’s goals, strategy and actions to deliver shareholder value by becoming the safest and most profitable industrial gases company in the world, providing excellent service to customers.

An audio webcast will be available on Air Products’ Investor Relations event details web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Air Products Holds Groundbreaking for World-Class SMR at Covestro in Texas

Thu, 25 Feb 2016 00:00:00 -0500

Air Products (NYSE: APD), the leading global hydrogen provider, today held a groundbreaking ceremony at Covestro’s Baytown, Texas facility where Air Products will invest $350-$400 million to build, own and operate a world-scale steam methane reformer (SMR). The SMR will produce hydrogen and carbon monoxide (CO) to be supplied to Covestro and other customers linked to Air Products’ Gulf Coast Hydrogen and CO Pipeline Networks. The plant, which will start-up in 2018, is already completely sold out.

“We have worked with Covestro (formerly Bayer MaterialScience) for decades and look forward to being an important industrial gas supplier to them in Baytown for many more years to come. The new SMR strengthens Air Products’ position in the Texas carbon monoxide (CO) market and enhances our well established hydrogen supply network,” said Corning Painter, executive vice president, Industrial Gases at Air Products.

The SMR and cold box will be located on land leased from Covestro, a world-leading manufacturer of high-tech polymer materials for key industries, headquartered in Leverkusen, Germany. The SMR will produce approximately 125 million standard cubic feet per day of hydrogen and a world-scale supply of carbon monoxide. Covestro products and application solutions are nearly everywhere in modern life. With its innovative strength, Covestro is constantly coming up with new developments that benefit society and the environment.

“Safe, reliable and efficient operations through our people remains extremely important at Covestro. We continually develop our people to improve safety and respect the environment, as well as optimize our processes to improve our yields to top levels in industry, which means less raw materials, less waste and higher efficiencies,” said Dr. Klaus Schäfer, Covestro’s chief industrial operations officer. “Covestro’s alignment with Air Products will further improve our Baytown site’s reliable supply to our valued customers.”

Covestro’s Baytown facility, its largest plant in North and Central America, was established in 1971 and employs a workforce of 1,100 with an additional 750 contractors. Covestro’s primary products at its Baytown site include toluene diisocyanate (TDI) and methylene diphenylene isocyanates (MDI), in addition to coatings and adhesives, inorganic basic chemicals, polycarbonates, and polyurethanes. It is a leading supplier of high-value polymers and innovative solutions for key sectors such as transportation, construction, electronics, furniture, sports equipment and textiles.

The new SMR will be built through the global hydrogen alliance between Air Products and Technip, a world leader in project management, engineering and construction. The plant will feature the latest technology to maximize energy efficiency and reduce emissions, and will include optimal heat integration, which in turn lowers feedstock consumption. The plant configuration and deployed technologies support Air Products’ overall sustainability goals of reducing energy consumption and emissions.

For over 20 years the Air Products and Technip global alliance has provided the worldwide refining industry with competitive technology and world-class safety. The alliance is responsible for over 35 hydrogen production plants located in 11 countries around the world and produces well over two billion standard cubic feet of hydrogen per day for clean fuels production. Technip provides the design and construction expertise for steam reformers while Air Products provides the gas separation technology. Air Products, through its extensive operating network, and Technip, from its large reference base, also bring effective operational and engineering knowledge to “design-in” high reliability and efficiency. The plants are operated and maintained by Air Products under long-term agreements with customers.

Painter also added that the ability for the new plant to connect to Air Products’ existing Gulf Coast Pipeline (GCP), the world’s largest hydrogen plant and pipeline network system, remains a value-added plus for hydrogen customers in terms of ensuring product reliability. Air Products officially dedicated its GCP in 2012. The 600-mile pipeline span stretches from the Houston Ship Channel in Texas to New Orleans, Louisiana, and supplies customers with over 1.4 billion feet of hydrogen per day from over 22 hydrogen production facilities.

Pipelines offer a safe, robust and reliable supply of hydrogen to the refinery and petrochemical industries around the world. Globally, Air Products’ pipeline operational expertise is evidenced by its network of systems. Besides the GCP, Air Products also has a hydrogen pipeline in California in the U.S., in Sarnia, Ontario, Canada, and in Rotterdam, the Netherlands.

Hydrogen is widely used in petroleum refining processes to remove impurities found in crude oil such as sulphur, olefins and aromatics to meet product fuels specifications. Removing these components allows gasoline and diesel to burn cleaner and thus makes hydrogen a critical component in the production of cleaner fuels needed by modern, efficient internal combustion engines.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

About Covestro
With 2014 sales of EUR 11.8 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and sports and leisure industries. Covestro, formerly Bayer MaterialScience, has 30 production sites worldwide and employs approximately 15,700 people (calculated as full-time equivalents) at the end of September 2015. Find more information at www.covestro.com, and follow Covestro on Twitter: www.twitter.com/CovestroGroup.

About Technip
Technip is a world leader in project management, engineering and construction for the energy industry.

From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our close to 34,400 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges.

Present in 45 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.

Technip shares are listed on the Euronext Paris exchanges, and its ADR is traded in the US on the OTCQX marketplace as an American Depositary Receipt (OTCQX: TKPPY).

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2015.

Media Inquiries:
(Covestro)
Jennifer Walsh
Tel: (281) 520-8651

(Technip)
Laure Montcel
Tel. +33 (0)1 49 01 87 81

Investor Inquiries:
(Covestro)
Ronald Köhler
Tel: +49 (214) 6009-5098

(Technip)
Kimberly Stewart
Tel. +33 (0)1 47 78 66 74

Air Products Announces North American Price Increase for Liquid and Bulk Industrial Gas Products

Mon, 15 Feb 2016 00:00:00 -0500

Effective March 1, 2016, or as contracts permit, Air Products (NYSE: APD) will increase product pricing and monthly service charges for merchant customers in North America. The pricing adjustments include increases of:

Up to 20% for liquid argon
Up to 15% for liquid and bulk hydrogen
Up to 10% for liquid oxygen, liquid nitrogen, liquid and bulk helium, and liquid carbon dioxide

Some price adjustments may be outside of these ranges based on specific situations.

These adjustments are in response to the cost impact associated with the significant slowdown in the steel market, and increasing operational and delivery costs associated with specific regional supply and demand imbalances in order to meet customer needs. In addition to covering increases in operating expenses, Air Products continues to make significant investments aimed at improving the reliability, security, safety, and the efficiency of its operations.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2015.

Air Products’ CEO to Speak at Barclays Industrial Select Conference

Wed, 10 Feb 2016 00:00:00 -0500

Air Products (NYSE:APD) today announced that Chairman, President and CEO Seifi Ghasemi will participate in a Q&A session at the Barclays Industrial Select Conference in Miami, Fla. on Wednesday, February 17, 2016 at 9:55 a.m. ET.

An audio webcast of the Q&A discussion will be available on Air Products’ Investor Relations Event Details web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Air Products Spin-off Company Versum Materials to Host Investor Teleconference on February 24

Thu, 04 Feb 2016 00:00:00 -0500

Air Products (NYSE:APD) Materials Technologies, the business that is planned to spin off as Versum Materials, will hold an introductory call for investors and analysts on Wednesday, 24 February, 2016 at 10:00 a.m. ET. The purpose of the call will be to share with investors and analysts specific details on Versum Materials’ business, products, customers, and previously disclosed financials.

Leading the teleconference will be Versum Materials’ leadership team members Guillermo Novo, previously announced to become CEO of Versum Materials, and George Bitto, who is to serve as chief financial officer and information technology director.

The teleconference also will be open to the public and the media in listen-only mode by telephone and internet broadcast. There will be a Q&A period for investors and analysts at the end of the call.

As a follow-up to this teleconference, additional information will become available on Versum Materials as we move closer to the spin-off date, which we expect to occur prior to September 2016.

Live teleconference: 913-312-0839
Passcode: 3830469
Internet broadcast/slides: Available on the Event Details page on Air Products’ Investor Relations website.

Telephone replay: 1-888-203-1112 (domestic) or +1-719-457-0820 (international)
Passcode: 3830469
Available from 2 p.m. ET on February 24 through 2 p.m. ET on March 2, 2016.
Internet replay: Available on the Event Details page on Air Products’ Investor Relations website.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Air Products Reports Fiscal 2016 First Quarter EPS Up 15* Percent

Fri, 29 Jan 2016 00:00:00 -0500

Quarterly EPS of $1.78 up 15 percent versus prior year despite currency headwinds
Quarterly adjusted EBITDA margin of 33.4 percent up 520 basis points, and ROCE of 11.7 percent up 160 basis points versus prior year
GAAP quarterly EPS of $1.67 versus prior year of $1.50
Fiscal 2016 second quarter EPS guidance of $1.78 to $1.83, up 15 to 18 percent versus prior year
Maintaining fiscal full-year 2016 EPS guidance of $7.25 to $7.50, up 10 to 14 percent
On track for the spin-off of Versum Materials prior to September 2016

*The results and guidance in this release, including in the highlights above, unless otherwise indicated, are based on non-GAAP continuing operations. A reconciliation of GAAP to non-GAAP results can be found at the end of this release.

Air Products (NYSE: APD) today reported net income of $387 million and earnings per share (EPS) of $1.78, both up 15 percent versus prior year for its fiscal first quarter ended December 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 eight percent from the prior year, as unfavorable currency and lower energy pass-through of five percent each more than offset volume and pricing increases of one percent each.

Operating income of $519 million increased 17 percent versus prior year, and record operating margin of 22.0 percent improved 460 basis points. Adjusted EBITDA of $786 million increased nine percent over prior year, and record EBITDA margin of 33.4 percent improved 520 basis points. Profit improvement was driven by good cost performance and higher pricing.

Commenting on the quarter, Seifi Ghasemi, chairman, president and chief executive officer, 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 percent, up over 500 basis points, and return on capital employed of 11.7 percent, up 160 basis points.”

Air Products Q1FY16 Earnings Release – Tables
Reconciliation of Non-GAAP Measures, Consolidated Income Statements, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, Summary by Business Segments, Notes to Consolidated Financial Statements
Download PDF (277 KB)

First Quarter Results by Business Segment:

Industrial Gases – Americas sales of $836 million decreased 17 percent versus prior year, as lower energy pass-through reduced sales by 12 percent and currency reduced sales by four percent. Volumes decreased three percent on lower demand in Latin America and weaker North American steel and oilfield services markets. Pricing increased two percent. Operating income of $212 million was flat to last year, and adjusted EBITDA of $335 million increased one percent, as higher pricing, restructuring benefits, and lower maintenance costs were offset by headwinds from currency, lower energy pass-through, and lower volumes. Operating margin of 25.3 percent improved 420 basis points, and EBITDA margin of 40.1 percent improved 700 basis points over prior year.
Industrial Gases – Europe, Middle East, and Africa (EMEA) sales of $438 million declined 12 percent versus last year, primarily driven by 10 percent unfavorable currency. Underlying sales were unchanged, as one percent higher pricing was offset by one percent lower volumes. Operating income of $92 million increased 13 percent from the prior year. On a constant currency basis, operating income was up 22 percent. Operating margin of 20.9 percent increased 470 basis points, and EBITDA margin of 33.3 percent increased 480 basis points over the prior year. Adjusted EBITDA of $146 million increased two percent versus prior year. This profit improvement was driven primarily by the benefits of restructuring actions, as well as higher pricing.
Industrial Gases – Asia sales of $413 million increased four percent versus prior year, as volume growth of 11 percent, driven by both strong underlying business and new plants, was partially offset by six percent unfavorable currency. Operating income of $117 million increased 29 percent, and operating margin of 28.2 percent improved 550 basis points over prior year. Adjusted EBITDA of $180 million increased 16 percent, and EBITDA margin of 43.6 percent increased 480 basis points. This profit improvement was due to higher volumes and strong cost performance.
Materials Technologies sales of $490 million decreased six percent versus the prior year as positive pricing and mix of two percent was more than offset by six percent lower volumes and two percent unfavorable currency. Operating income of $127 million was up 22 percent from prior year, and operating margin of 26 percent was up 600 basis points. Adjusted EBITDA was $147 million, and EBITDA margin of 30.0 percent was up 530 basis points.

Electronic Materials sales of $245 million declined four percent from the prior year, as higher pricing and mix was more than offset by lower volumes and unfavorable currency. Excluding delivery systems, volumes would have been flat. Operating margin was up over 1,000 basis points, driven by higher pricing and mix and the benefits of restructuring actions.
Performance Materials sales of $245 million decreased nine percent from the prior year on lower volumes, unfavorable currency and lower pricing. Operating margin was up slightly, driven by lower raw material costs and the benefits of restructuring actions.

In the fiscal first quarter of 2016, non-GAAP results for the Company exclude $14 million, or $0.05 per share, for project suspension costs and $12 million, or $0.06 per share, in legal and advisory fees related to the intended separation of the Company’s Materials Technologies business.

Outlook

The capital expenditure forecast for fiscal year 2016 is approximately $1.3 billion.

Air Products expects fiscal 2016 second quarter EPS from continuing operations to be between $1.78 and $1.83 per share, up 15 to 18 percent versus prior year.

The Company is maintaining its full-year fiscal 2016 guidance of $7.25 to $7.50 earnings per share, which at midpoint, would be a 12 percent increase.

Access the Q1 earnings teleconference scheduled for 10:00 a.m. Eastern Time on January 29 by calling 913-312-1411 and entering passcode 8688406, or access the Event Details page on Air Products’ Investor Relations web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The Company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The Company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The Company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings guidance and business outlook. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, global or regional economic conditions and supply and demand dynamics in market segments into which the Company sells; significant fluctuations in interest rates and foreign currencies from that currently anticipated; with regard to the intended separation of Materials Technologies, general economic and business conditions that may affect the proposed separation and the execution thereof, changes in capital market conditions, and Air Products’ decision not to consummate the separation due to market, economic or other events; future financial and operating performance of major customers; unanticipated contract terminations or customer cancellations or postponement of projects and sales; asset impairments due to economic conditions or specific events; the impact of competitive products and pricing; challenges of implementing new technologies; ability to protect and enforce the Company's intellectual property rights; unexpected changes in raw material supply and markets; the impact of price fluctuations in natural gas and disruptions in markets and the economy due to oil price volatility; the ability to recover increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory investigations; the success of productivity and cost reduction programs; the timing, impact, and other uncertainties of future acquisitions or divestitures; political risks, including the risks of unanticipated government actions; acts of war or terrorism; the impact of changes in environmental, tax or other legislation and regulatory activities in jurisdictions in which the Company and its affiliates operate; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2015. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products’ World-Class Air Separation Unit Project in Yulin, Western China Fully Onstream

Thu, 28 Jan 2016 00:00:00 -0500

Air Products (NYSE: APD), a world-leading industrial gases company, today announced its four air separation unit (ASU) trains built for Shaanxi Future Energy Chemical Co., Ltd. in Yulin City, Shaanxi Province, China, have been brought fully onstream. The project, capable of producing 12,000 tons per day of oxygen and significant tonnage volumes of nitrogen and compressed dry air for the customer’s coal chemical plant, represents one of the largest single on-site ASU orders ever committed to an industrial gas company.

“This is a great milestone for Air Products and thanks to Shaanxi Future Energy Chemical for their trust in us to supply the very large industrial gas demand of such a monumental project. The successful execution of this world-scale project is another testimonial of our leading position in large air separation and excellence in safety, reliability and technology,” said Phil Sproger, vice president, Asia On-Site Business Development, Industrial Gases. “We will continue to pursue opportunities where we can leverage on our application solutions and expertise to support China’s sustainable development under its 13th Five-year Plan.”

The industrial gases produced by Air Products’ ASUs and supplied to Shaanxi Future Energy Chemical at Yulin are used to help produce one million tons of high quality oil products annually. The four ASU trains are equipped with state-of-the-art air compressors as well as design and technology advancements to enhance energy efficiency and minimize operational costs for the customer.

Established in 2011, Shaanxi Future Energy Chemical is jointly-owned by the state-backed Yankuang Coal Group (50%), Yanzhou Coal Co., Ltd. (25%) and Shaanxi Yanchang Petroleum Group (25%). Its Yulin coal-to-liquid demonstration project has recently been awarded “China’s Top 10 Project” for the efforts on innovation and sustainability and setting leading examples for the 13th five-year time period by China Petroleum & Chemical Industrial Federation, a non-profit organization covering over 300 major companies, institutions and associations in China’s petrochemical industry; and China Chemical Industry News, the country’s leading trade publication.

Dr. Sun Qiwen, general manager of Shaanxi Future Energy Chemical, said, “We are pleased to have partnered with Air Products on this important project and impressed with their technological and safety expertise demonstrated throughout the execution.”

Air Products has been operating in China since 1987 and supporting customers to meet their productivity, energy efficiency, and environmental targets with its integrated gases supply, sustainable solutions and expertise. The company has built several world-scale ASU facilities in the country supplying large tonnage quantities of industrial gases to significant energy projects for customers including Weihe Clean Energy Co. and Pucheng Clean Energy Co. in Shaanxi Province. It is building another multi-train ASU project in Shanxi Province to support Shanxi Lu’an Mining Group’s coal-to-liquid business.

Outside China, the company is now building the world’s largest industrial gas complex, capable of supplying 75,000 metric tons per day (20,000 oxygen and 55,000 nitrogen) to Saudi Aramco’s refinery being built in Jazan, Saudi Arabia. Key process equipment is designed by Air Products’ engineering and manufacturing team in Shanghai and will be manufactured in China.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2015.

Air Products to Broadcast First Quarter Earnings Teleconference on January 29

Tue, 05 Jan 2016 00:00:00 -0500

Air Products (NYSE:APD) will release its fiscal 2016 first quarter financial results on Friday, January 29, 2016 before the stock market opens and will review these results later that day in a teleconference at 10:00 a.m. ET. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: 913-312-1411
Passcode: 8688406
Internet broadcast/slides: Available on the Event Details page on Air Products’ Investor Relations website.

Telephone replay: 888-203-1112 (domestic) or 719-457-0820 (international)
Passcode: 8688406
Available from 2:00 p.m. ET on January 29 through 2:00 p.m. ET on February 5, 2016.
Internet replay: Available on the Event Details page on Air Products’ Investor Relations website.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Logo Unveiled for Air Products’ Spin-Off Company Versum Materials

Wed, 23 Dec 2015 00:00:00 -0500

Air Products’ (NYSE:APD) Materials Technologies business spin-off company Versum Materials today unveiled what will become the company’s new logo. Prior to the separation date, which is expected to be no later than September 2016, the company is expected to commence using its new logo.

“Unveiling the logo for Versum Materials is another important step in our journey to operate Versum Materials separately with a distinct identity, brand and purpose. We will set up Versum Materials to be a best-in-class specialty materials company, committed to innovating performance-critical products for customers, delivering strong financial results for shareholders, and advancing employees,” said Seifi Ghasemi, chairman, president and chief executive officer (CEO) at Air Products. After the spin-off, Ghasemi will maintain his role at Air Products and be the non-executive chairman of Versum Materials.

Guillermo Novo, who will become Versum Materials’ CEO said, “The name ‘Versum’ communicates our new company’s ability to continuously move toward materials, which is core to our own business, and to provide cutting-edge solutions and innovation. The Versum Materials logo was designed to represent the action of moving forward, energy and forward-thinking ideas to take flight.” As part of its branding efforts, in addition to the logo, Versum Materials will also introduce the company’s new visual identity early next year and will begin to use elements of its new logo and branding to begin positioning itself in the marketplace as an independent and publicly-held company.

The new company, Versum Materials, will be a global business that delivers specialty solutions focused within niche markets, holds leading positions in most of its end-markets, is focused on innovation-driven solutions, and has strong growth prospects. The Electronic Materials Division provides tailored solutions and materials to customers in the semiconductor industry, while the Performance Materials Division provides epoxy, polyurethane, and specialty additives to the construction, composites, adhesives, coatings and other industries. Versum Materials will have a workforce of approximately 3,200 employees and operate in more than 12 countries across the globe.

In December, Versum Materials filed its initial Form 10 registration statement with the SEC. The Form 10 is not yet effective and, as is customary, will be updated to provide additional information regarding capital structure, pro forma unaudited results and other details as they become available. The Form 10 filing and related information can be found at www.airproducts.com/versummaterials.

Versum Materials intends to apply to have its common stock authorized for listing on the New York Stock Exchange, Inc.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

This news release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements about the Company’s plans for completion of the spin-off, the expected benefits of the spin-off, the tax free nature of the spin-off, the prospects for the independent companies following the spin-off and the timing of the transaction. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release. Actual results may differ materially from the expectations expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, our ability to obtain regulatory approvals, Air Products’ decision not to consummate the spin-off due to market, economic or other events; our ability to fully realize the anticipated benefits of the spin-off; negative effects of the announcement or the consummation of the proposed spin-off on the market price of the company’s common stock; significant transaction costs and or unknown liabilities; general economic and business conditions that affect the companies in connection with the proposed spin-off; changes in capital market conditions; future opportunities that the Company’s board may determine present greater potential to increase shareholder value, the ability of our companies to operate independently following the spin-off; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2015. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products Moves Forward with Its Materials Technologies Business Spin-Off to Versum Materials

Fri, 18 Dec 2015 00:00:00 -0500

Air Products (NYSE:APD) announced today it filed an initial Form 10* registration statement with the United States Securities and Exchange Commission to move forward the previously announced spin-off of its Materials Technologies business, which will be named Versum Materials.

Air Products expects to complete the spin-off on or before September 2016. Versum Materials intends to apply to have its common stock authorized for listing on the New York Stock Exchange, Inc.

“This filing is another important step toward providing current shareholders ownership in two leading and focused companies,” said Seifi Ghasemi, chairman, president and chief executive officer (CEO) at Air Products. “We will set up Versum Materials to be a best-in-class specialty materials company, committed to innovating performance-critical products for customers, delivering strong financial results for shareholders, and advancing employees,” he said. After the spin-off, Ghasemi will maintain his role at Air Products and be non-executive chairman of Versum Materials.

Guillermo Novo, who will become Versum Materials’ CEO said, “We look forward to the opportunity to operate as a stand-alone company focused on specialty materials. From the electronics industry to the performance materials end markets we serve, we’re passionate about working closely with customers to help advance their products and technologies around the world.”

The Form 10 filing also identifies other members of the Versum Materials leadership team, including George Bitto, who will serve as chief financial officer and information technology director; Pat Loughlin, who will serve as senior vice president, Operations and Supply Chain; and Michael Valente, who will serve as senior vice president, Law and Human Resources, general counsel and secretary.

The new company, Versum Materials, will be a global business that delivers specialty solutions focused within niche markets, holds leading positions in most of its end-markets, is focused on innovation-driven solutions, and has strong growth prospects. The Electronic Materials Division provides tailored solutions and materials to customers in the semiconductor industry, while the Performance Materials Division provides epoxy, polyurethane, and specialty additives to the construction, composites, adhesives, coatings and other industries. Versum Materials will have a workforce of approximately 3,200 employees and operate in more than 12 countries across the globe.

About the Form 10 Filing*:
Air Products is filing its initial Form 10 registration statement with the SEC today. The Form 10 is not yet effective and, as is customary, will be updated to provide additional information regarding capital structure, pro forma unaudited results and other details as they become available. The Form 10 filing and related information can be found at www.airproducts.com/versummaterials.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

This news release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements about the Company’s plans for completion of the spin-off, the expected benefits of the spin-off, the tax free nature of the spin-off, the prospects for the independent companies following the spin-off and the timing of the transaction. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release. Actual results may differ materially from the expectations expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, our ability to obtain regulatory approvals, Air Products’ decision not to consummate the spin-off due to market, economic or other events; our ability to fully realize the anticipated benefits of the spin-off; negative effects of the announcement or the consummation of the proposed spin-off on the market price of the company’s common stock; significant transaction costs and or unknown liabilities; general economic and business conditions that affect the companies in connection with the proposed spin-off; changes in capital market conditions; future opportunities that the Company’s board may determine present greater potential to increase shareholder value, the ability of our companies to operate independently following the spin-off; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2015. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products’ CEO to Address Citi 2015 Basic Materials Conference on 1 December

Tue, 24 Nov 2015 00:00:00 -0500

Air Products (NYSE:APD) today announced that Chairman, President and CEO Seifi Ghasemi will present at the Citi 2015 Basic Materials Conference in New York on Tuesday, December 1, 2015 at 9:30 a.m. ET.

Ghasemi’s presentation will focus on the company’s goals, strategy and actions to deliver shareholder value by becoming the safest and most profitable industrial gases company in the world, providing excellent service to customers.

An audio webcast will be available on Air Products’ Investor Relations event details web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Air Products Declares Quarterly Dividend

Thu, 19 Nov 2015 00:00:00 -0500

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 81 cents per share of common stock. The dividend is payable on February 8, 2016 to shareholders of record at the close of business on January 4, 2016.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Versum Materials is the Selected Name for the Materials Technologies Business Spin-off of Air Products

Thu, 05 Nov 2015 00:00:00 -0500

Versum Materials has been selected as the new company name for the Materials Technologies business of Air Products (NYSE: APD). Air Products announced plans in September for a tax-free spin-off of this business to U.S. shareholders on or before September 2016.

Derived from the Latin word for “toward,” the name “Versum” communicates the new company’s ability to continuously move toward materials, which is core to its own business, and provide cutting-edge solutions and innovation. The name also communicates the company’s critical role in helping customers advance their products and businesses by providing market-leading technology, innovation and valuable, reliable service.

“This is an exciting time as these Materials Technologies market-leading businesses move closer to becoming a separate publicly-owned and traded company with a distinct identity, brand and purpose. Once complete, this separation will provide our new shareholders with ownership in two leading and focused companies while offering the opportunity to value our Industrial Gases and Materials Technologies businesses independently,” said Seifi Ghasemi, chairman, president and chief executive officer (CEO) at Air Products. Upon completion of the separation, Ghasemi will continue his role with Air Products and also become the non-executive chairman of Versum Materials.

As previously announced, Guillermo Novo, currently the executive vice president of Materials Technologies, will become Versum Materials’ CEO at the completion of the spin-off. “We look forward to the opportunity to operate as an independent, specialty materials company under the name of Versum Materials. We will take some of the culture of our heritage with Air Products and build on it in our own core marketplace. As we move forward, we aim to deliver profitable growth to Versum Materials’ shareholders by innovating for our customers, maximizing our profitability and driving to realize our strong growth prospects, while continuing to rapidly respond to changing market dynamics,” said Novo.

“As our new name suggests, we will help our customers and employees move ‘toward’ their goals with confidence and purpose. From the electronics industry to the performance materials end markets we serve, we’re passionate about working closely with customers to help advance their products and technologies around the world,” added Novo.

Additional details about Versum Materials’ progress toward becoming a new company will become available at airproducts.com while the new company’s website is developed.

Air Products’ Materials Technologies business is global, delivering specialty solutions focused within niche markets, holding leading positions in most of its end-markets and focused on innovation-driven solutions. For fiscal year 2015, Materials Technologies had sales of approximately $2.1 billion and EBITDA margins in excess of 27%.

The business employs approximately 3,300 employees and operates in more than 12 countries across the globe. Its Electronic Materials Division provides tailored solutions and materials to customers in the semiconductor industry, while the Performance Materials Division provides epoxy additives, polyurethane additives and specialty additives to the construction, composites, adhesives, coatings and other industries.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

This news release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about Air Products’ plans for completion of the spin-off, the expected benefits of the spin-off, the tax-free nature of the spin-off, the prospects for the Materials Technologies business following the spin-off and the timing of the transaction. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release. Actual results may differ materially from the expectations expressed herein because of many factors not anticipated by management, including, without limitation, Air Products’ ability to obtain regulatory approvals necessary for the spin-off, Materials Technologies’ ability to fully realize the anticipated benefits of the spin-off, transaction costs, unknown liabilities, general economic and business conditions that may affect the proposed spin-off and the execution thereof, changes in capital market conditions, Air Products’ decision not to consummate the spin-off due to market, economic or other events, unfavorable economic conditions affecting the markets served by and/or the continuing profitability of the Materials Technologies business and other risk factors described in Air Products' Form 10-K for its fiscal year ended September 30, 2014. Air Products disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this news release to reflect any change in assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products’ CEO to Address Morgan Stanley Global Chemicals and Agriculture Conference on 10 November

Tue, 03 Nov 2015 00:00:00 -0500

Air Products (NYSE:APD) today announced that Chairman, President and CEO Seifi Ghasemi will present at the Morgan Stanley Global Chemicals and Agriculture Conference in Boston on Tuesday, November 10, 2015 at 11:00 a.m. ET.

Ghasemi’s presentation will focus on the company’s goals, strategy and actions to deliver shareholder value by becoming the safest and most profitable industrial gases company in the world, providing excellent service to customers.

An audio webcast will be available on Air Products’ Investor Relations event details web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

Air Products Publishes GRI Sustainability Report

Mon, 02 Nov 2015 00:00:00 -0500

Air Products (NYSE:APD) has published its latest Sustainability Report, reporting its economic, environmental and social performance according to the Global Reporting Initiative (GRI) 3.1 Guidelines.

GRI, which provides the world’s most widely used standards on sustainability reporting and disclosure, confirmed that the report was prepared at Application Level A+. The Report details the company’s 2014 performance aligned to its
Grow • Conserve • Care approach to sustainability management.

“Much has changed over our 75 years of operation, but what hasn’t changed are the core values of Air Products, including our commitment to sustainability,” said Chairman, President and CEO Seifi Ghasemi. “By improving our customers’ operations while working to improve our own, we drive our profitability and advance our mission to create value for our shareholders.”

Grow: More than 50 percent of Air Products’ prior-year revenues were from improving customers’ energy efficiency and emissions, and about half of the company’s R&D budget was applied toward environmental and energy innovations. Air Products supplies gases and applications technology to dozens of industries, with technology ranging from oxyfuel burners, to steam methane reforming, to liquefied natural gas process equipment.
Conserve: With more than 750 Air Products production facilities around the world, the company designs its plants and manages its operations to continually improve its operating efficiencies. As a result, the company has met nearly all of it environmental sustainability goals to reduce energy consumption, greenhouse gases, water use, hazardous waste, and other emissions. The company has also avoided over $450 million in cumulative energy and water costs since 2007 due to these improvements.
Care: The company is striving for zero accidents and zero incidents, tied to its goal of becoming the safest and most profitable industrial gas company in the world, providing excellent service to customers. Air Products’ social responsibility approach also includes employee development, community engagement, supplier relationship management, and governance practices.

Recognized for Sustainability Leadership
Air Products continues to be recognized for its sustainability commitment and practices, including being named to the 2015/2016 Dow Jones Sustainability North America Index, the 2015/2016 STOXX® Global ESG Leaders Indices, the Ethibel Excellence Global Sustainability Index and Pioneer and Excellence Registers for 2015, and one of the 100 Best Corporate Citizens List for CR Magazine for 2015, among others. Access the company’s latest GRI report and more information about sustainability on Air Products’ sustainability web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products Reports Fiscal 2015 Fourth Quarter EPS Up 10* Percent

Thu, 29 Oct 2015 00:00:00 -0400

Quarterly EPS of $1.82* up 10* percent versus prior year, and fiscal 2015 EPS of $6.57* up 14* percent versus prior year on a non-GAAP diluted basis, despite significant currency headwinds
Quarterly adjusted EBITDA margin of 32.1* percent up 350* basis points, and ROCE of 12.4* percent up 140* basis points versus prior year
Quarterly EPS of $1.58 versus prior year of $0.47, and fiscal 2015 EPS of $5.88 versus prior year of $4.59 on a continuing operations GAAP diluted basis
Announced intention to separate Materials Technologies business through a tax-free spin-off
Key wins with major customers, including projects in Saudi Arabia, Korea, United States
Fiscal 2016 EPS guidance of $7.25* to $7.50*, up 10* to 14* percent versus fiscal 2015, and fiscal 2016 first quarter EPS guidance of $1.65* to $1.75* up six* to 13* percent versus prior year

Air Products (NYSE: APD) today reported net income of $397* million, up 11* percent versus prior year, and diluted earnings per share (EPS) of $1.82*, up 10* percent versus prior year for its fiscal fourth quarter ended September 30, 2015.

On a GAAP basis, net income and diluted EPS from continuing operations were $345 million and $1.58, respectively, for the quarter.

*The results and guidance in this release, unless otherwise indicated, are based on non-GAAP continuing operations. A reconciliation of GAAP to non-GAAP results can be found at the end of this release.

Fourth quarter sales of $2,449 million decreased nine percent from the prior year on seven percent unfavorable currency and three percent lower energy pass-through. Volumes were unchanged as Industrial Gases – Asia growth continued and the LNG business posted another solid quarter, while Materials Technologies and Industrial Gases – Americas volumes were lower.

Operating income of $515 million increased nine percent versus prior year, and operating margin of 21 percent improved 340 basis points, driven by higher pricing and good cost performance. Adjusted EBITDA of $785 million increased two percent over prior year, and EBITDA margin of 32.1 percent improved 350 basis points, reflecting strong operating leverage.

For fiscal 2015, sales of $9.9 billion decreased five percent versus prior year. Underlying sales increased by three percent on two percent higher volumes, driven by Industrial Gases – Asia and Materials Technologies, and one percent higher pricing. Operating income of $1.9 billion increased 14 percent, and operating margin of 19 percent improved 310 basis points. Adjusted EBITDA of $3.0 billion improved eight percent and EBITDA margin of 30.1 percent improved 360 basis points. ROCE of 11.3 percent was up 150 basis points.

Commenting on the quarter, Seifi Ghasemi, chairman, president and chief executive officer, said, “The people of Air Products excelled again this quarter, delivering significant profit improvement in spite of increasingly challenging economic conditions around the globe. Compared to last year, EPS in the fourth quarter increased 10 percent, EBITDA margins were up 350 basis points to 32.1 percent, and operating margin of 21 percent was another record. For the year, EPS of $6.57 was above the top of our original guidance despite a significant currency headwind of about 40 cents. We delivered this performance while improving safety, completing the most significant organizational change in Air Products’ 75-year history, winning a number of important projects with major customers around the world, and announcing the separation of our Materials Technologies business. We made significant progress on our five-point plan this year, and this strong performance is a testament to our people’s hard work and their commitment to move Air Products forward.”

Fourth Quarter Results by Business Segment:

Industrial Gases – Americas sales of $902 million decreased 13 percent versus prior year, as lower energy pass-through reduced sales by nine percent and currency reduced sales by four percent. Underlying sales were flat, as two percent higher pricing offset two percent lower volumes. Operating income of $209 million decreased five percent and adjusted EBITDA of $330 million decreased three percent, as unfavorable currency and lower energy pass-through more than offset the benefits of restructuring actions. Record operating margin of 23.1 percent improved 190 basis points, and record EBITDA margin of 36.6 percent improved 370 basis points over prior year.
Industrial Gases – Europe, Middle East, and Africa (EMEA) sales of $460 million declined 12 percent versus last year, driven by unfavorable currency. Underlying sales were up two percent, with pricing and volumes each up one percent. Operating income of $91 million decreased two percent from the prior year, as strong pricing and cost performance were offset by unfavorable currency. On a constant currency basis, operating income was up 11 percent. Record operating margin of 19.7 percent increased 190 basis points, and record EBITDA margin of 32.9 percent increased 220 basis points over the prior year, driven by the benefits of restructuring actions. Adjusted EBITDA of $151 million decreased five percent versus prior year.
Industrial Gases – Asia sales of $428 million increased seven percent versus prior year, as 15 percent volume growth, primarily from new plants, was partially offset by seven percent unfavorable currency. Operating income of $104 million increased 44 percent, and operating margin of 24.4 percent improved 620 basis points over prior year due to higher volumes from the new plants and strong cost performance. Adjusted EBITDA of $165 million increased 17 percent, and EBITDA margin of 38.5 percent increased 330 basis points.
Materials Technologies sales of $490 million decreased 13 percent versus the prior year as positive pricing of two percent was more than offset by 11 percent lower volumes, and four percent unfavorable currency. Electronics Materials underlying sales declined nine percent from the prior year on significantly lower delivery systems. Excluding delivery systems, Electronics Materials underlying sales would have been up 15 percent versus prior year. Performance Materials underlying sales decreased eight percent from the prior year on lower volumes. Operating income was $116 million, and operating margin of 23.8 percent was up 160 basis points. Adjusted EBITDA was $140 million, and EBITDA margin of 28.5 percent was up 130 basis points. For the fiscal year, Materials Technologies sales of $2,087 million were up one percent, adjusted EBITDA of $572 million was up 19 percent, and EBITDA margin of 27.4 percent was up 410 basis points.

Non-GAAP results for the company exclude a pre-tax charge of $59 million, or $0.24 per share. Details are provided in the footnotes to the financial statements.

Outlook

The capital expenditure forecast for fiscal year 2016 is between $1.5 billion and $1.6 billion.

Air Products expects fiscal 2016 first quarter EPS from continuing operations to be between $1.65 and $1.75 per share, up six to 13 percent versus prior year, and fiscal 2016 EPS of $7.25 to $7.50 per share, up 10 to 14 percent over prior year.

Air Products Q415 Earnings Release – Tables
Reconciliation of Non-GAAP Measures, Consolidated Income Statements, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, Summary by Business Segments, Notes to Consolidated Financial Statements
Download PDF (1,215 KB)

Access the Q4 earnings teleconference scheduled for 10:00 a.m. Eastern Time on October 29 by calling 719-457-2654 and entering passcode 513902, or access the Event Details page on Air Products’ Investor Relations web site.

About Air Products
Air Products (NYSE:APD) is a world-leading Industrial Gases company celebrating 75 years of operation. The company’s core Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment. The company’s Materials Technologies business, which Air Products intends to spin-off by September 2016, serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries.

The company had fiscal 2015 sales of $9.9 billion and was ranked number 284 on the Fortune 500 annual list of public companies. Approximately 20,000 employees in 50 countries strive to make Air Products the world’s safest and best performing Industrial Gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.

NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings guidance and business outlook. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, global or regional economic conditions and supply and demand dynamics in market segments into which the Company sells; significant fluctuations in interest rates and foreign currencies from that currently anticipated; future financial and operating performance of major customers; unanticipated contract terminations or customer cancellations or postponement of projects and sales; asset impairments due to economic conditions or specific events; the impact of competitive products and pricing; challenges of implementing new technologies; ability to protect and enforce the Company's intellectual property rights; unexpected changes in raw material supply and markets; the impact of price fluctuations in natural gas and disruptions in markets and the economy due to oil price volatility; the ability to recover increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory investigations; the success of productivity and cost reduction programs; the timing, impact, and other uncertainties of future acquisitions or divestitures; political risks, including the risks of unanticipated government actions; acts of war or terrorism; the impact of changes in environmental, tax or other legislation and regulatory activities in jurisdictions in which the Company and its affiliates operate; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2014. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products Building Helium Plant for RasGas; Wins Long-Term Helium Supply Contract

Wed, 28 Oct 2015 00:00:00 -0400

Air Products (NYSE: APD) today announced two big helium market wins that demonstrate the company’s industry leadership. Air Products will supply to RasGas Company Ltd (RasGas), the helium licensor package equipment for the new Helium 3 plant to be located at the Barzan facility in Ras Laffan Industrial City, Qatar. Additionally, Air Products won the award for the long-term helium supply from the Helium 3 plant which is expected to produce up to 0.4 Bsf/annum of liquid helium, and in achieving this, the company will again be the world’s largest commercial supplier of helium when the plant begins production in 2018.

“These are two very big accomplishments for our company. The equipment win to build the helium plant demonstrates RasGas’ confidence in Air Products as a global supplier of high technology gas processing equipment and helium technology. Just as importantly, the long-term helium supply contract win demonstrates to our many customers our dedication to them in ensuring a consistent and reliable helium supply,” said Walter Nelson, vice president and general manager – Global Helium at Air Products.

Air Products has an existing relationship with RasGas in other business and markets, and a successful history of accomplishments in Qatar. Air Products previously supplied the natural gas liquefaction technology, key liquefaction equipment, and helium extraction boxes for all 14 liquefied natural gas (LNG) trains for RasGas and Qatargas, as well as the large air separation plant for Oryx GTL, which are all located in Ras Laffan.

Air Products has been conducting business in the Middle East for over a half-century, having built the region’s first-ever air separation unit (ASU) in the 1950s, and has more than 50 years of experience satisfying industrial gas customers. The company’s Middle East operation is headquartered in Dubai, UAE. Regional business activity has accelerated in recent years with multiple industries requiring ASUs and hydrogen production plants, including the April 2015 announcement to build, own and operate the world’s largest industrial gas complex in Jazan, Saudi Arabia. Air Products continues to build on long-standing regional relationships with the Abdullah Hashim Group and ACWA Power.

The helium supply contract win is another step in a series of important steps taken recently by Air Products to obtain reliable helium supply for customers. Air Products has won substantial amounts of helium from the United States Bureau of Land Management (BLM) strategic reserve at recent BLM auctions. Additionally, in August Air Products began selling helium captured via its proprietary and innovative technology at the world’s only helium production plant that strips helium from a naturally occurring stream of carbon dioxide located in Colorado.

Air Products has pioneered many of the helium extraction, production, distribution and storage technologies used in the industry today and it operates numerous facilities around the world.

Helium is used in many unique and valued applications including: magnetic resonance imaging (MRI); lifting for high altitude scientific research balloons, blimps and party balloons; fiber optics and semiconductor manufacturing; metallurgy; breathing atmospheres for deep diving or unique blood gas medical mixtures; analytical chemistry; pressurizing and purging pipes, vessels, and other critical equipment; leak detection; and other advanced applications.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products To Build World-Class SMR in Baytown, Texas

Mon, 26 Oct 2015 00:00:00 -0400

Air Products (NYSE: APD), the leading global hydrogen provider, announced today it will invest $350-$400 million to build, own and operate a world-scale steam methane reformer (SMR) in Baytown, Texas. The SMR will produce hydrogen and carbon monoxide (CO) to be supplied to customers from Air Products’ Gulf Coast Hydrogen and CO Pipeline Networks. Both product capacities from the new facility are already sold-out ahead of the anticipated plant onstream in 2018.

“This plant demonstrates to our customers our dedication to providing them with excellent customer service. This SMR strengthens our market-leading position and also Air Products’ ability to serve the many customers on our pipeline networks with a new, efficient and reliable source of hydrogen and carbon monoxide, which will be owned and operated by Air Products,” said Marie Ffolkes, president, Industrial Gases – Americas at Air Products.

The SMR and cold box will produce approximately 125 million standard cubic feet per day of hydrogen and a world-scale supply of carbon monoxide.

The new SMR will be built through the global hydrogen alliance between Air Products and Technip, a world leader in project management, engineering and construction. The plant will feature the latest technology to maximize energy efficiency and reduce emissions, and will include optimal heat integration, which in turn lowers feedstock consumption. The plant configuration and deployed technologies support Air Products’ overall sustainability goals of reducing energy consumption and emissions.

For over 20 years the Air Products and Technip global alliance has provided the worldwide refining industry with competitive technology and world-class safety. The alliance is responsible for over 35 hydrogen production plants located in 11 countries around the world and produces well over two billion standard cubic feet of hydrogen per day for clean fuels production. Technip provides the design and construction expertise for steam reformers while Air Products provides the gas separation technology. Air Products, through its extensive operating network, and Technip, from its large reference base, also bring effective operational and engineering knowledge to “design-in” high reliability and efficiency. The plants are operated and maintained by Air Products under long-term agreements with customers.

Ffolkes added that the ability for the new plant to connect to the Gulf Coast Pipeline (GCP), the world’s largest hydrogen plant and pipeline network system, is always a value-added plus for hydrogen customers in terms of ensuring product reliability. Air Products officially dedicated its GCP in 2012. The 600-mile pipeline span stretches from the Houston Ship Channel in Texas to New Orleans, Louisiana, and supplies customers with over 1.4 billion feet of hydrogen per day from over 21 hydrogen production facilities.

Pipelines offer a safe, robust and reliable supply of hydrogen to the refinery and petrochemical industries around the world. Globally, Air Products’ pipeline operational expertise is evidenced by its network of systems. Besides the GCP, Air Products also has a hydrogen pipeline in California in the U.S., in Sarnia, Ontario, Canada, and in Rotterdam, the Netherlands.

Hydrogen is widely used in petroleum refining processes to remove impurities found in crude oil such as sulphur, olefins and aromatics to meet product fuels specifications. Removing these components allows gasoline and diesel to burn cleaner and thus makes hydrogen a critical component in the production of cleaner fuels needed by modern, efficient internal combustion engines.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

About Technip
Technip is a world leader in project management, engineering and construction for the energy industry.

From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 37,500 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges.

Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.

Technip shares are listed on the NYSE Euronext Paris exchange and traded in the USA on the OTCQX marketplace (OTCQX: TKPPY) as American Depositary Receipts.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products Wins Hydrogen Supply Agreement for Pallas’ Texas Project

Thu, 22 Oct 2015 00:00:00 -0400

Air Products (NYSE: APD), the leading global hydrogen provider, announced today it has signed a long-term hydrogen supply agreement with Pallas Nitrogen Texas, LLC. Air Products will supply 44 million standard cubic feet per day of hydrogen from its existing Gulf Coast Pipeline (GCP) to Pallas. The supply is to begin in mid-2016 when Pallas begins ammonia production operations at their plant, which will be located on land leased from Air Products at its established Pasadena, Texas industrial gas manufacturing location.

“This contract further loads our Gulf Coast hydrogen pipeline and network system, and at the same time makes use of some available land at our Pasadena plant that we were able to lease to the customer. It is really a win-win for us and our customer, and illustrates our continuous improvement approach to optimize our capabilities and assets,” said Bill Hammarstrom, vice president, HyCO Americas at Air Products.

“We are excited to have Air Products, a premier global hydrogen producer, as Pallas’ host and hydrogen supplier for our Pasadena ammonia plant. The strategic location and direct access to their Gulf Coast Pipeline affords us great confidence with respect to safe, reliable and economic delivery of hydrogen to the Pallas ammonia plant. We look forward to a long-term, mutually successful relationship for this plant and our future work with Air Products,” said Steve Dopuch, chief executive officer at Pallas.

Hammarstrom said this agreement again demonstrates the value of the GCP, which is the world’s largest hydrogen plant and pipeline network system. The GCP allows customers to easily be connected to the system and be assured of unparalleled product reliability. Air Products officially dedicated its GCP in 2012. The 600-mile pipeline span stretches from the Houston Ship Channel in Texas to New Orleans, Louisiana, and supplies customers with over 1.4 billion feet of hydrogen per day from over 21 hydrogen production facilities.

Pipelines offer a safe, robust and reliable supply of hydrogen to the refinery and petrochemical industry around the world. Globally, Air Products’ pipeline operational expertise is evidenced by its network of systems. Besides the GCP, Air Products also has a hydrogen pipeline in California in the U.S., in Sarnia, Ontario, Canada, and in Rotterdam, the Netherlands.

Hydrogen, to be used in this instance by Pallas for ammonia production, is widely used in petroleum refining processes to remove impurities found in crude oil such as sulphur, olefins and aromatics to meet product fuels specifications. Removing these components allows gasoline and diesel to burn cleaner and thus makes hydrogen a critical component in the production of cleaner fuels needed by modern, efficient internal combustion engines.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

About Pallas
Pallas Nitrogen Texas, LLC (the Company) is a privately held entity formed to develop, own and operate a 660 ton-per-day ammonia plant located in Pasadena, Texas. Significant development, permitting and engineering have been completed on the Project and full construction is expected to commence in the 4th quarter of 2015. Production is anticipated to begin mid-2016. Company stakeholders have considerable experience owning, operating and successfully divesting multiple turn-around assets in the coal industry. Company management brings over 50 years of combined project development and management experience in addition to strategic relationships to bear in support of the Pasadena Project. For more information, email info@pallasnitrogen.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products to Broadcast Fourth Quarter Earnings Teleconference on October 29

Wed, 30 Sep 2015 00:00:00 -0400

Air Products (NYSE:APD) will release its fiscal 2015 fourth quarter financial results on Thursday, October 29, 2015 before the stock market opens and will review these results later that day in a teleconference at 10:00 a.m. ET. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: 719-457-2654
Passcode: 513902
Internet broadcast/slides: Available on the Event Details page on Air Products’ Investor Relations website.

Telephone replay: 888-203-1112 (domestic) or 719-457-0820 (international)
Passcode: 513902
This will be available from 2:00 p.m. ET on October 29 through November 5 at 2:00 p.m. ET.
Internet replay: Available on the Event Details page on Air Products’ Investor Relations website.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

Air Products Declares Quarterly Dividend

Wed, 16 Sep 2015 00:00:00 -0400

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 81 cents per share of common stock. The dividend is payable on November 9, 2015 to shareholders of record at the close of business on October 1, 2015.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

Air Products Announces Intent to Spin-Off Materials Technologies Business

Wed, 16 Sep 2015 00:00:00 -0400

Board of Directors Approves Move Consistent With Strategic Five-Point Plan
Enables leading and focused Industrial Gas and Materials Technologies companies to leverage critical competencies
Seifi Ghasemi to be non-executive chairman and Guillermo Novo to be CEO of the new company
Conference call on Thursday, September 17, 2015 at 8:00 a.m. ET

Air Products (NYSE: APD) today announced that its Board of Directors has approved the intention to fully separate its Materials Technologies business via a tax-free spin-off to its shareholders. The targeted completion of the Materials Technologies spin-off is before September 2016, subject to typical regulatory approvals. Air Products will hold a conference call on Thursday, September 17, 2015 at 8:00 a.m. ET to discuss the spin-off (details below).

“I am very pleased that our Board of Directors has approved this strategic move. This separation will provide shareholders ownership in two leading and focused companies while providing the opportunity to value our Industrial Gases and Materials Technologies businesses independently. We believe a tax-free spin-off of the Materials Technologies business will create significant shareholder value,” said Seifi Ghasemi, chairman, president and chief executive officer (CEO) at Air Products.

This strategic decision will allow Air Products’ Industrial Gases and the Materials Technologies businesses to leverage their respective critical competencies and enhance their competitive positions. The Company believes the result of the spin-off will be two best-in-class public companies with distinct business models, capital requirements and growth profiles. The spin-off decision was made after an extensive review examining the strategic options for the Materials Technologies business by Air Products’ Board of Directors and management.

“The intent to separate is consistent with our management philosophy and the five-point plan we have discussed on many occasions over the past year and emphasized at our Investor Conference. It will allow us to take another step in pursuit of our ultimate goal, to become the safest and most profitable industrial gas company in the world, providing excellent service to our customers,” said Ghasemi.

“The timing for this action is excellent and we look forward to the opportunity to operate as a stand-alone company focused on specialty materials. We already have a portfolio of world-class businesses with leading positions and sustainable competitive advantages in attractive niche markets. Our management team has demonstrated the ability to innovate, improve our underlying performance and rapidly respond to changing market dynamics to deliver profitable growth,” said Guillermo Novo, executive vice president – Materials Technologies.

Novo will be CEO of the yet-to-be-named company at the completion of the spin-off. Ghasemi will be the non-executive chairman of the new company, while maintaining his current roles as chairman, president and CEO of Air Products.

Conference Call Details:
The teleconference on Thursday, September 17, 2015 at 8:00 a.m. ET will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: 719-325-4751
Passcode: 4483419
Internet broadcast: Available on the Event Details page on Air Products’ Investor Relations web site.

Telephone replay: 888-203-1112 or 719-457-0820 (international)
Passcode: 4483419
This will be available from 1:00 p.m. ET on September 17 through 12:00 p.m. ET on September 24.
Internet replay: Available on the Event Details page on Air Products’ Investor Relations web site.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

This news release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements about the Company’s plans for completion of the spin-off, the expected benefits of the spin-off, the tax free nature of the spin off, the prospects for the independent companies following the spin-off and the timing of the transaction. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release. Actual results may differ materially from the expectations expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, our ability to obtain regulatory approvals, our ability to fully realize the anticipated benefits of the spin-off, negative effects of the announcement or the consummation of the proposed spin-off on the market price of the company’s common stock, significant transaction costs and or unknown liabilities, general economic and business conditions that affect the companies in connection with the proposed spin-off, changes in capital market conditions, future opportunities that the company’s board may determine present greater potential to increase shareholder value, the ability of our companies to operate independently following the spin-off; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2014. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products Announces North American Price Increase for Liquid and Bulk Industrial Gas Products

Mon, 14 Sep 2015 00:00:00 -0400

Effective October 1, 2015, or as contracts permit, Air Products (NYSE: APD) will increase product pricing and monthly service charges for merchant customers in North America. The pricing adjustments include increases of:

Up to 20% for liquid argon and liquid carbon dioxide
Up to 15% for liquid oxygen, liquid nitrogen, liquid and bulk hydrogen
Up to 10% for liquid and bulk helium
Up to 10% for tank monthly service charges

Some price adjustments may be outside of these ranges based on specific situations.

These price adjustments are in response to rising costs and will also support continued investments to improve the reliability, security, safety, and efficiency of operations.

Air Products’ CEO to Address Credit Suisse Basic Materials Conference on 17 September

Thu, 10 Sep 2015 00:00:00 -0400

Air Products (NYSE:APD) today announced that Chairman, President and CEO Seifi Ghasemi will present at the Credit Suisse 2015 Basic Materials Conference in New York on Thursday, September 17, 2015 at 10:20 a.m. ET.

Ghasemi’s presentation will focus on the company’s goals, strategy and actions to deliver shareholder value by becoming the safest and most profitable industrial gases company in the world, providing excellent service to customers.

An audio webcast will be available on Air Products’ Investor Relations event details web site.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

Air Products’ CFO to Address Jefferies 2015 Industrials Conference

Tue, 04 Aug 2015 00:00:00 -0400

Air Products (NYSE:APD) today announced that Scott Crocco, senior vice president and chief financial officer, will present at the Jefferies 2015 Industrials Conference in New York on Tuesday, August 11, 2015 at 2:40 p.m. ET.

Crocco’s presentation will focus on the company’s goals, strategy and actions to deliver shareholder value.

An audio webcast will be available on Air Products’ Investor Relations event details web site.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

Air Products Reports Fiscal 2015 Third Quarter EPS Up 13 Percent*

Thu, 30 Jul 2015 00:00:00 -0400

EPS of $1.65*, up 13 percent* versus prior year on a non-GAAP diluted basis despite significant currency headwinds
Adjusted EBITDA margin of 30.7* percent up 430* basis points versus prior year
Accelerating benefits from restructuring, enabled by the new organization
Awarded major gases supply contract for new semiconductor giga fab in South Korea
EPS of $1.47 versus prior year of $1.46 on a GAAP diluted basis

Air Products (NYSE: APD) today reported net income of $359 million*, up 14 percent* versus prior year, and diluted earnings per share (EPS) of $1.65*, up 13 percent* versus prior year for its fiscal third quarter ended June 30, 2015.

On a GAAP basis, net income and diluted EPS from continuing operations were $319 million and $1.47, respectively, for the quarter.

*The results and guidance in this release, unless otherwise indicated, are based on non-GAAP continuing operations. A reconciliation of GAAP to non-GAAP results can be found at the end of this release.

Third quarter sales of $2,470 million decreased six percent versus prior year, as underlying sales growth of four percent was offset by unfavorable currency and lower energy pass-through. Volumes increased three percent, primarily in Industrial Gases–Asia, Materials Technologies and the LNG business, and pricing was up one percent.

Operating income of $482 million increased 17 percent versus prior year, and operating margin of 19.5 percent improved 380 basis points, driven by cost performance, higher pricing and higher volumes. Adjusted EBITDA of $758 million increased nine percent over prior year, and EBITDA margin of 30.7 percent improved 430 basis points, reflecting strong operating leverage.

Commenting on the quarter, Seifi Ghasemi, chairman, president and chief executive officer, said, “The Air Products team delivered another quarter of great results, with particular strength in our regional Industrial Gases segments, while Materials Technologies continued to improve. We again showed strong improvement in safety, and despite significant currency headwinds and stagnant economic conditions around the globe, our earnings per share were up by 13 percent, EBITDA margins increased to more than 30 percent, and this quarter’s operating margin is the highest in more than 25 years. This significant improvement is a direct result of our people executing our five-point strategy. As a result, we have again increased our full year guidance to $6.50 - $6.60, which at midpoint is up 13% over last year.”

Third Quarter Results by Business Segment:

Industrial Gases – Americas sales of $898 million decreased 16 percent versus prior year on 13 percent lower energy pass-through and three percent unfavorable currency. Underlying sales were flat, as higher pricing offset lower volumes. Operating income of $207 million increased nine percent. Operating margin of 23 percent improved 520 basis points over prior year, driven by cost performance, lower energy pass-through, and higher pricing. Adjusted EBITDA of $328 million increased six percent, and EBITDA margin of 36.5 percent improved 740 basis points over prior year. Sequentially, operating income increased 13 percent on higher volumes and price and lower costs.
Industrial Gases – Europe, Middle East, and Africa (EMEA) sales of $455 million declined 15 percent versus last year, driven by 16 percent unfavorable currency. Volumes and pricing were both up one percent. Operating income of $88 million increased two percent as strong cost performance was largely offset by unfavorable currency, while record operating margin of 19.2 percent increased 330 basis points. Adjusted EBITDA of $147 million decreased five percent versus prior year, and record EBITDA margin of 32.2 percent increased 350 basis points.
Industrial Gases – Asia sales of $418 million increased 14 percent versus prior year, primarily on 11 percent volume growth mainly from new plants. Unfavorable currency impacts reduced sales by three percent. Operating income of $101 million increased 20 percent, and operating margin of 24.2 percent improved 130 basis points over prior year due to higher volumes from the new plants and strong cost performance overcoming negative pricing. Adjusted EBITDA of $166 million increased 12 percent. Sequentially, operating income increased 19 percent on strong cost performance and higher seasonal volumes.
Materials Technologies sales of $540 million increased three percent over the prior year. Underlying sales were up seven percent on four percent higher volume growth and three percent positive pricing, partially offset by unfavorable currency of four percent. On a constant currency basis, Electronics Materials sales were up 18 percent on strong volume growth and positive price. On a constant currency basis, Performance Materials sales declined two percent from the prior year on softer volumes. Record operating income of $132 million increased 36 percent, and record operating margin of 24.4 percent improved 600 basis points versus prior year, primarily due to higher pricing and volumes. Record adjusted EBITDA of $155 million increased 27 percent, and record EBITDA margin of 28.6 percent improved 540 basis points over prior year.

Non-GAAP results for the company exclude a pre-tax charge of $59.8 million, or $0.18 per share, for business restructuring and pension settlement.

Outlook

Looking ahead, Air Products expects fourth quarter EPS from continuing operations to be between $1.75 and $1.85 per share. For the full fiscal year, the Company is raising its guidance from continuing operations to $6.50 to $6.60 per share, which at the midpoint, represents a 13 percent increase over fiscal 2014.

Subsequent Event

Earlier in July, Air Products acquired 30.5 percent of the outstanding shares of Indura−an industrial gas business in Latin America−increasing its ownership position to 97.8 percent. The valuation was agreed at the time of initial purchase in 2012 and will be a use of cash of $278 million in the company’s fiscal fourth quarter.

Air Products Q315 Earnings Release – Tables
Reconciliation of Non-GAAP Measures, Consolidated Income Statements, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, Summary by Business Segments, Notes to Consolidated Financial Statements
Download PDF (1,052 KB)

Access the Q3 earnings teleconference scheduled for 10:00 a.m. Eastern Time on July 30 by calling 888-500-6954 (domestic) or 719-457-2715 (international) and entering passcode 1083893, or access the Event Details page on Air Products’ Investor Relations web site.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the Company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets, including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ Materials Technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings guidance and business outlook. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, global or regional economic conditions and supply and demand dynamics in market segments into which the Company sells; significant fluctuations in interest rates and foreign currencies from that currently anticipated; future financial and operating performance of major customers; unanticipated contract terminations or customer cancellations or postponement of projects and sales; asset impairments due to economic conditions or specific events; the impact of competitive products and pricing; challenges of implementing new technologies; ability to protect and enforce the Company's intellectual property rights; unexpected changes in raw material supply and markets; the impact of price fluctuations in natural gas and disruptions in markets and the economy due to oil price volatility; the ability to recover increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory investigations; the impact of management and organizational changes; the success of productivity and cost reduction programs; the timing, impact, and other uncertainties of future acquisitions or divestitures; political risks, including the risks of unanticipated government actions; acts of war or terrorism; the impact of changes in environmental, tax or other legislation and regulatory activities in jurisdictions in which the Company and its affiliates operate; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2014. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products’ Board Elects New Director

Wed, 29 Jul 2015 00:00:00 -0400

Air Products (NYSE: APD) today announced the addition of Charles “Casey” Cogut, Senior M&A Counsel at the law firm Simpson Thacher & Bartlett LLP (STB), to its board of directors.

“Mr. Cogut is one of the most prominent and well known corporate lawyers in America, and has been a sought-after advisor by the boards of many companies. I am very pleased to welcome him to our company’s board of directors. He has extensive experience, has been involved in some of the largest merger and acquisition transactions in the last 30 years, and brings with him a wealth of knowledge and experience that we currently do not have on our board,” said Seifi Ghasemi, Air Products’ chairman, president and chief executive officer.

Cogut joined the New York-based law firm in 1973 and served as partner in STB from 1980-2012. For many years he was a leading member of STB’s merger and acquisition (M&A) and private equity practices. He specialized in domestic, international and cross-border mergers and acquisitions, the representation of special committees of boards of directors, and buyouts and other transactions involving private equity firms. In addition, he regularly advised boards of directors with respect to corporate governance matters and fiduciary responsibilities. From 1990-1993 he served as senior resident partner in the firm’s London office.

Cogut has been named a “senior statesman” in the practice areas of corporate M&A and private equity buyouts in Chambers Global and Chambers USA Guides. He has also been named as one of “The Best of the Best” M&A lawyers, private equity lawyers, and governance lawyers in Euromoney’s Expert Guides. In addition, he has been recognized by Lawdragon 500 as one of the leading lawyers in America. Cogut was named as a “Deal Maker of the Year” by The American Lawyer in both 2008 and 2010.

Cogut is a member of the board of overseers of the University of Pennsylvania Law School. He is co-chair of the board of advisors of the University’s Institute for Law and Economics and a member of the Law School’s adjunct faculty. He is also a member of the board of trustees and executive committee of Cold Spring Harbor Laboratory.

Cogut earned his J.D. at the University of Pennsylvania Law School. He earlier graduated summa cum laude from Lehigh University.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products to Broadcast Third Quarter Earnings Teleconference on July 30

Mon, 06 Jul 2015 00:00:00 -0400

Air Products (NYSE:APD) will release its fiscal 2015 third quarter financial results on Thursday, July 30, 2015 before the stock market opens and will review these results later that day in a teleconference at 10:00 a.m. ET. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: 888-500-6974 (domestic) or 719-457-2715 (international)
Passcode: 1083893
Internet broadcast/slides: Available on the Event Details page on Air Products’ Investor Relations website.

Telephone replay: 888-203-1112 (domestic) or 719-457-0820 (international)
Passcode: 1083893
This will be available from 2:00 p.m. ET on July 30 through August 7 at 2:00 p.m. ET.
Internet replay: Available on the Event Details page on Air Products’ Investor Relations website.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products’ CEO Addresses Attack on Facility in France

Fri, 26 Jun 2015 00:00:00 -0400

Air Products (NYSE: APD) Chairman, President and Chief Executive Officer Seifi Ghasemi had words of sympathy for the victim of today’s attack at its facility in L'Isle-d'Abeau, France. He also expressed appreciation for the assistance and outpouring of support received from around the world, as the company continues to cooperate with the continuing investigation by French and other authorities.

“I am horrified and saddened by the attack on our facility in France. I believe I speak for all of our Air Products family around the world in expressing our deepest sympathies to the family of the victim of this unspeakable act,” said Ghasemi. “My heart also goes out to the people who work at the site and their families. This incident reinforces that we all need to take safety and security very seriously, every day, and remain vigilant in everything we do. I am very glad to know that all of our employees are safe and accounted for.”

Security has been increased at Air Products’ locations around the world as a precautionary measure.

Soon after the attack, French authorities and emergency services arrived on site, contained the situation, and the site was secured. All individuals working at the site were evacuated. Air Products’ crisis and emergency response teams were activated and are working closely with involved authorities.

“I would like to express my appreciation for the response of the French and other authorities who reacted so quickly to our need. I would also like to express my deepest gratitude to other companies, customers, elected officials, and many other citizens of the world who have reached out to Air Products with kind words, well wishes, and offers of assistance,” Ghasemi said.

It is unclear at this time the extent of damage to the facility. However, Ghasemi said other facilities are operating normally, and plans are in place for Air Products’ customers who received products from the impacted location to continue to be served.

Updates will be posted as available at: www.airproducts.com.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products’ LNG Technology and Equipment Picked Again for Freeport LNG Terminal Facility

Wed, 24 Jun 2015 00:00:00 -0400

Air Products (NYSE: APD), the global leader in liquefied natural gas (LNG) technology and equipment, announced today an agreement to provide its proprietary LNG technology, equipment, and process license for Freeport LNG Development, L.P.’s Train 3 gas liquefaction and export project. The sale includes Air Products’ main cryogenic coil-wound heat exchangers and associated technology, which will be vital in the production of LNG at the facility near Freeport, Texas.

Air Products will supply its LNG proprietary AP-C3MRTM liquefaction technology, and its MCR® Main Cryogenic Heat Exchanger will be installed at the heart of the proprietary propane pre-cooled mixed refrigerant liquefaction process. Air Products technology and equipment for Train 3 is scheduled to be onstream in 2019.

“We are pleased to have been successful in being selected as the LNG technology supplier for the third train at Freeport LNG, and proud to be able to say we are the supplier for all three trains to operate at the location,” said Jim Solomon, director - LNG at Air Products. “As the United States LNG export market has continued to develop, our technology and equipment has consistently been the choice at several locations for LNG projects around the country. We look forward to continued involvement with the industry’s coming projects.”

“Similar to our Trains 1 and 2 before, we went for the tried and tested workhorse of the gas liquefaction industry — the APCI process — for our Train number 3. This technology is economic, efficient and reliable, and we look forward to our project’s start-up and operations as we fully expect these crucial phases to be free of major problems,” said Mark Mallett, Freeport LNG’s senior vice president, Operations & Projects.

Air Products’ involvement in the U.S. LNG export market, besides the three trains for Freeport LNG, includes providing the LNG technology and equipment for Dominion’s liquefaction project at Cove Point in Lusby, Maryland, and three production trains for the Cameron LNG Liquefaction Project, in Hackberry, Louisiana.

A majority of the total worldwide LNG is produced with Air Products’ technology. Air Products has now designed, manufactured, and exported more than 100 coil wound heat exchangers for LNG projects around the globe over the last four decades. In 2014 Air Products dedicated a second U.S. LNG manufacturing facility in Port Manatee, Florida. The new facility, when combined with the existing Wilkes-Barre, Pennsylvania facility, doubles the company’s manufacturing capacity for its world-leading technology to both meet increasing customer demand and specifically for the manufacture of larger LNG heat exchangers.

Air Products’ LNG technology is vital in helping meet the world’s increasing energy needs and desire for clean energy and is operating in 15 countries around the globe, processing and cryogenically liquefying valuable natural gas for consumer and industrial use. Air Products’ LNG process technology and equipment is the heart of an LNG production plant. The technology, in place at some of the most remote locations around the world, takes natural gas and unlocks its value by liquefying it and making it possible to economically ship it around the world. The LNG is eventually re-gasified for energy use.

In support of the LNG industry, Air Products provides process technology and key equipment for the natural gas liquefaction process for large export plants, small and mid-sized LNG plants, floating LNG plants and LNG peak shavers. Upstream, Air Products provides both nitrogen and natural gas dehydration membrane systems for offshore platforms. Downstream, Air Products provides dry inert gas generators for LNG carriers, shipboard membrane nitrogen systems, and land-based membrane and cryogenic nitrogen systems for LNG import terminals and base-load LNG plants.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products’ Newest PRISM® Hydrogen Generation Technology Onstream at Global Tungsten & Powders

Wed, 17 Jun 2015 00:00:00 -0400

Air Products (NYSE:APD) continues to meet the growing hydrogen demand of Global Tungsten & Powders Corp. (GTP) with the first installation of its new PRISM® PHG830 hydrogen generator. The new technology is now onstream at GTP’s manufacturing facility in Towanda, Pa., where the two companies held a ribbon-cutting ceremony today to celebrate the successful completion of the project. The newly expanded range of Air Products’ PRISM® technology demonstrates the flexibility of this highly efficient and economical supply option for the onsite generation of hydrogen requirements up to 5,000 nm3/hr.

“We value the trust and confidence GTP has placed in us to continue meeting their increasing hydrogen requirements in the most reliable and economical way,” said John Robinson, general manager, Industrial Gases-North, at Air Products. “The new PRISM PHG830 hydrogen generator combines Air Products’ proprietary reformer technology with our hydrogen pressure swing adsorption capabilities to bring GTP the lowest cost hydrogen available in this production range.”

“Air Products has been supplying hydrogen to GTP for more than 30 years, and this is an important material to facilitate our tungsten reduction processes here,” said James Morse, director of Manufacturing Services at GTP. “It is reassuring to work with a gas supplier who understands our business and has the technical innovation and supply flexibility to meet our increasing product demands in the lowest-cost way possible.”

Air Products has installed more than 35 PRISM hydrogen generation units globally. The company’s PRISM hydrogen generators for onsite gas production are an important part of Air Products’ portfolio of supply options, which includes traditional bulk liquid and gas delivery, large onsite HyCO plants, and pipeline supply. As the world’s leading hydrogen supplier, Air Products has the technologies and experience to help customers improve process efficiency, optimize gas usage, and improve safety. For hydrogen support or more information about Air Products’ PRISM hydrogen generators, visit www.airproducts.com/H2generators.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

About Global Tungsten & Powders Corp. (GTP)
GTP is a world leader in refractory powder production and development as well as high temperature metallurgy. From our manufacturing location in Towanda, PA GTP has produced tungsten, molybdenum, cobalt and tantalum based powders and semi-finished products for over 65 years. GTP also has a tungsten production facility in Brúntal in the Czech Republic. With global production capabilities, GTP is well positioned to supply customers from all parts of the world. GTP powders are used in numerous industries including – automotive, aerospace, defense, metal working, mining, energy exploration, petrochemical and refining and medical. Since 2008, GTP is a wholly owned subsidiary of the Plansee Group, Reutte, Austria.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products’ CFO to Speak at Deutsche Bank Global Industrials and Basic Materials Conference

Thu, 28 May 2015 00:00:00 -0400

The Board of Directors of Air Products (NYSE:APD) today announced that Scott Crocco, senior vice president and chief financial officer, will participate in a Q&A session at the Deutsche Bank Global Industrials and Basic Materials Conference in Chicago on June 3, 2015 at 8:40 a.m. Central Time.

An audio webcast will be available on Air Products’ Investor Relations event details web site.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products Declares Quarterly Dividend

Thu, 21 May 2015 00:00:00 -0400

The Board of Directors of Air Products (NYSE:APD) today declared a quarterly dividend of 81 cents per share of common stock. The dividend is payable on August 10, 2015 to shareholders of record at the close of business on July 1, 2015.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products Reports Fiscal 2015 Second Quarter EPS Up 17 Percent*

Thu, 30 Apr 2015 00:00:00 -0400

EPS of $1.55*, up 17 percent* versus prior year on a non-GAAP diluted basis
Adjusted EBITDA margin of 29.4* percent up 440* basis points versus prior year
Continued strong performance despite currency headwinds
Organization focused on five-point plan and delivering results
Awarded contract with Saudi Aramco for the world’s largest industrial gas complex
EPS of $1.33 versus prior year of $1.32 on a GAAP diluted basis

Air Products (NYSE: APD) today reported net income of $336 million*, up 19 percent* versus prior year, and diluted earnings per share (EPS) of $1.55*, up 17 percent* versus prior year for its fiscal second quarter ended March 31, 2015.

On a GAAP basis, net income and diluted EPS from continuing operations were $290 million and $1.33, respectively, for the quarter.

*The results and guidance in this release, unless otherwise indicated, are based on non-GAAP continuing operations. A reconciliation of GAAP to non-GAAP results can be found at the end of this release.

Second quarter sales of $2,415 million decreased six percent versus prior year, as underlying sales growth of five percent was more than offset by unfavorable currency and lower energy pass-through. Volumes increased four percent, primarily in Industrial Gases–Asia and Materials Technologies, and pricing was up one percent. Sequentially, sales declined six percent on unfavorable currency and lower energy pass-through.

Operating income of $442 million increased 15 percent versus prior year, and operating margin of 18.3 percent improved 340 basis points. Adjusted EBITDA of $709 million increased 10 percent over prior year, and EBITDA margin of 29.4 percent improved 440 basis points, reflecting strong operating leverage.

Commenting on the quarter, Seifi Ghasemi, chairman, president and chief executive officer, said, “I am, once again, very proud of the Air Products team, whose hard work and focus on our five-point plan have enabled us to deliver these strong results, even in the face of significant currency headwinds. Despite economic uncertainty, we remain laser focused on the things we can control and are maintaining our full-year guidance.”

Second Quarter Results by Business Segment:

Industrial Gases – Americas sales of $890 million decreased 14 percent versus prior year on 13 percent lower energy pass-through and three percent unfavorable currency. Underlying sales were up two percent, primarily on higher North America liquid bulk and hydrogen volumes. Despite energy and currency headwinds, operating income of $182 million increased seven percent on improved cost performance and higher volumes and pricing. Operating margin of 20.4 percent improved 400 basis points over prior year. Adjusted EBITDA of $300 million increased seven percent, and EBITDA margin of 33.7 percent improved 640 basis points over prior year. Sequentially, operating income decreased 14 percent as the benefit of restructuring actions was more than offset by the impact from currency, lower volumes and energy pass-through.
Industrial Gases – Europe, Middle East, and Africa (EMEA) sales of $449 million declined 17 percent versus last year on 15 percent unfavorable currency. Underlying sales were flat, as higher pricing offset lower volumes. Operating income of $71 million decreased 19 percent and adjusted EBITDA of $127 million decreased 17 percent versus prior year, primarily on the significant unfavorable currency impact.
Industrial Gases – Asia sales of $393 million increased seven percent versus prior year despite the negative impact of currency and energy pass-through. Volumes increased 15 percent, primarily on strong volume growth from new plants. Operating income of $85 million increased 19 percent, and operating margin of 21.6 percent improved 210 basis points over prior year due to higher volumes from the new plants and favorable cost performance. Adjusted EBITDA of $144 million increased 14 percent, and EBITDA margin of 36.7 percent improved 200 basis points over prior year. Sequentially, operating income decreased six percent on higher costs, unfavorable currency and lower pricing.
Materials Technologies sales of $533 million increased seven percent over the prior year. Underlying sales were up 11 percent on nine percent higher volume growth and two percent positive pricing. Electronics Materials sales were up 16 percent on strong volume growth in all business units and positive price. Performance Materials sales declined one percent from the prior year as four percent underlying sales growth was offset by currency impacts. Operating income of $124 million increased 32 percent, and operating margin of 23.3 percent improved 450 basis points versus prior year, primarily due to higher volumes and pricing. Adjusted EBITDA of $148 million increased 27 percent, and EBITDA margin of 27.8 percent improved 440 basis points over prior year.

Non-GAAP results for the company exclude a pre-tax charge of $55.4 million, or $0.18 per share, for business restructuring and cost reduction actions, and a pre-tax pension settlement charge of $12.6 million, or $0.04 per share.

Outlook

Air Products now expects capital expenditures for fiscal year 2015 of about $1.7 billion, at the low-end of its previous forecast.

Looking ahead, Air Products expects third quarter EPS from continuing operations to be between $1.55 and $1.60 per share. For the full fiscal year, the Company is maintaining its guidance from continuing operations of $6.35 to $6.55 per share, which at the midpoint, represents a 12 percent increase over fiscal 2014.

Access the Q2 earnings teleconference scheduled for 10:00 a.m. Eastern Time on April 30 by calling 877-719-9801 (domestic) or 719-325-4818 (international) and entering passcode 5572123, or access the Event Details page on Air Products’ Investor Relations web site.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the Company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets, including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ Materials Technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings guidance and business outlook. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, global or regional economic conditions and supply and demand dynamics in market segments into which the Company sells; significant fluctuations in interest rates and foreign currencies from that currently anticipated; future financial and operating performance of major customers; unanticipated contract terminations or customer cancellations or postponement of projects and sales; the impact of competitive products and pricing; ability to protect and enforce the Company's intellectual property rights; unexpected changes in raw material supply and markets; the impact of price fluctuations in natural gas and disruptions in markets and the economy due to oil price volatility; the ability to recover increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory investigations; the impact of management and organizational changes; the success of productivity and cost reduction programs; the timing, impact, and other uncertainties of future acquisitions or divestitures; political risks, including the risks of unanticipated government actions; acts of war or terrorism; the impact of changes in environmental, tax or other legislation and regulatory activities in jurisdictions in which the Company and its affiliates operate; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2014. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

* Presented below are reconciliations of the reported GAAP results to the non-GAAP measures.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Millions of dollars unless otherwise indicated, except for share data)

The discussion of second quarter and year-to-date results includes comparisons to non-GAAP financial measures, including Adjusted EBITDA and non GAAP Capital Expenditures. The presentation of non-GAAP measures is intended to enhance the usefulness of financial information by providing measures which management uses internally to evaluate our operating performance and manage our capital expenditures.

We use non-GAAP measures to assess our operating performance by excluding certain disclosed items that we believe are not representative of our underlying business. We believe non-GAAP financial measures provide investors with meaningful information to understand our underlying operating results and to analyze financial and business trends. Non-GAAP financial measures, including Adjusted EBITDA, should not be viewed in isolation, are not a substitute for GAAP measures, and have limitations which include but are not limited to:

Our measure excludes certain disclosed items, which we do not consider to be representative of underlying business operations. However, these disclosed items represent costs (benefits) to the Company.
Though not business operating costs, interest expense and income tax provision represent ongoing costs of the Company.
Depreciation, amortization, and impairment charges represent the wear and tear and/or reduction in value of the plant, equipment, and intangible assets which permit us to manufacture and/or market our products.
Other companies may define non-GAAP measures differently than we do, limiting their usefulness as comparative measures.

A reader may find any one or all of these items important in evaluating our performance. Management compensates for the limitations of using non-GAAP financial measures by using them only to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. In evaluating these financial measures, the reader should be aware that we may incur expenses similar to those eliminated in this presentation in the future.

CONSOLIDATED RESULTS

	Continuing Operations
	Q2				YTD
2015 Q2 vs. 2014 Q2	Operating Income	Operating Margin	Net Income	Diluted EPS	Operating Income	Operating Margin	Net Income	Diluted EPS
2015 Q2 GAAP	$374.4	15.5%	$290.0	$1.33	$804.4	16.2%	$614.6	$2.83
2014 Q2 GAAP	384.7	14.9%	283.5	1.32	770.3	15.0%	570.6	2.66
Change GAAP	$(10.3)	60bp	$6.5	$.01	$34.1	120bp	$44.0	$.17
% Change GAAP	(3)%		2%	1%	4%		8%	6%
2015 Q2 GAAP	$374.4	15.5%	$290.0	$1.33	$804.4	16.2%	$614.6	$2.83
Business restructuring and cost reduction actions (tax impact $17.2 and $27.9)	55.4	2.3%	38.2	.18	87.8	1.7%	59.9	.27
Pension settlement loss (tax impact $4.7)	12.6	.5%	7.9	.04	12.6	.3%	7.9	.04
Gain on previously held equity interest (tax impact $6.7)	—	—	—	—	(17.9)	(.4)%	(11.2)	(.05)
2015 Q2 Non-GAAP Measure	$442.4	18.3%	$336.1	$1.55	$886.9	17.8%	$671.2	$3.09
2014 Q2 GAAP	$384.7	14.9%	$283.5	$1.32	$770.3	15.0%	$570.6	$2.66
2014 Q2 Non-GAAP Measure	$384.7	14.9%	$ 283.5	$1.32	$770.3	15.0%	$570.6	$2.66
Change Non-GAAP Measure	$57.7	340bp	$52.6	$.23	$116.6	280bp	$100.6	$.43
% Change Non-GAAP Measure	15%		19%	17%	15%		18%	16%

	QTD
2015 Q2 vs. 2015 Q1	Operating Income	Operating Margin	Net Income	Diluted EPS
2015 Q2 GAAP	$374.4	15.5%	$290.0	$1.33
2015 Q1 GAAP	430.0	16.8%	324.6	1.50
Change GAAP	$(55.6)	(130bp)	$(34.6)	$(.17)
% Change GAAP	(13)%		(11)%	(11)%
2015 Q2 GAAP	$374.4	15.5%	$290.0	$1.33
Business restructuring and cost reduction actions (tax impact $17.2)	55.4	2.3%	38.2	.18
Pension settlement loss (tax impact $4.7)	12.6	.5%	7.9	.04
2015 Q2 Non-GAAP Measure	$442.4	18.3%	$336.1	$1.55
2015 Q1 GAAP	$430.0	16.8%	$324.6	$1.50
Business restructuring and cost reduction actions (tax impact $10.7)	32.4	1.3%	21.7	.10
Gain on previously held equity interest (tax impact $6.7)	(17.9)	(.7)%	(11.2)	(.05)
2015 Q1 Non-GAAP Measure	$444.5	17.4%	$335.1	$1.55
Change Non-GAAP Measure	$(2.1)	90bp	$1.0	$—
% Change Non-GAAP Measure	—%		—%	—%

ADJUSTED EBITDA

We define Adjusted EBITDA as income from continuing operations (including noncontrolling interests) excluding certain disclosed items, which the Company does not believe to be indicative of underlying business trends, before interest expense, income tax provision, and depreciation and amortization expense. Adjusted EBITDA provides a useful metric for management to assess operating performance.

Below is a reconciliation of Income from Continuing Operations on a GAAP basis to Adjusted EBITDA:

2015	Q1	Q2	Q3	Q4	Q2 YTD Total
Income from Continuing Operations^(A)	$337.5	296.9			$634.4
Add: Interest expense	29.1	23.4			52.5
Add: Income tax provision	106.5	87.1			193.6
Add: Depreciation and amortization	235.5	233.3			468.8
Add: Business restructuring and cost reduction actions	32.4	55.4			87.8
Add: Pension settlement loss	—	12.6			12.6
Less: Gain on previously held equity interest	17.9	—			17.9
Adjusted EBITDA	$723.1	708.7			$1,431.8
2014	Q1	Q2	Q3	Q4	Q2 YTD Total
Income from Continuing Operations^(A)	$296.0	$291.5	$323.5	$77.5	$587.5
Add: Interest expense	33.3	31.5	31.3	29.0	64.8
Add: Income tax provision	94.5	92.1	102.1	77.3^(B)	186.6
Add: Depreciation and amortization	234.2	229.1	239.0	254.6	463.3
Add: Business restructuring and cost reduction actions	—	—	—	12.7	—
Add: Pension settlement loss	—	—	—	5.5	—
Add: Goodwill and intangible asset impairment charge	—	—	—	310.1	—
Adjusted EBITDA	$658.0	$644.2	$695.9	$766.7	$1,302.2
(A)Includes net income attributable to noncontrolling interests. (B)Includes an income tax benefit of $51.6 from the favorable impact of a tax election in a non-U.S. subsidiary partially offset by $20.6 of income tax expense from Chilean tax reform.
2015 vs. 2014
Adjusted EBITDA change	$65.1	$64.5			$129.6
Adjusted EBITDA % change	10%	10%			10%
2015 Q2 vs. 2015 Q1
Adjusted EBITDA change		$(14.4)
Adjusted EBITDA % change		(2)%

Below is a reconciliation of segment Operating Income to Adjusted EBITDA:

	Industrial Gases– Americas	Industrial Gases– EMEA	Industrial Gases– Asia	Industrial Gases– Global	Materials Technologies	Energy from Waste	Corporate and other	Segment Total
Three Months Ended 31 March 2015
Operating income (loss)	$182.0	$71.0	$84.7	$(7.9)	$124.2	$(2.8)	$(8.8)	$442.4
Add: Depreciation and amortization	103.3	47.6	50.3	5.5	23.3	—	3.3	233.3
Add: Equity affiliates' income (loss)	15.1	8.0	9.4	(.2)	.7	—	—	33.0
Adjusted EBITDA	$300.4	$126.6	$144.4	$(2.6)	$148.2	$(2.8)	$(5.5)	$708.7
Adjusted EBITDA margin	33.7%	28.2%	36.7%		27.8%			29.4%
Three Months Ended 31 March 2014
Operating income (loss)	$169.6	$87.5	$71.2	$(14.6)	$93.8	$(3.5)	$(19.3)	$384.7
Add: Depreciation and amortization	99.4	55.0	48.1	1.6	22.7	—	2.3	229.1
Add: Equity affiliates' income	12.6	9.3	7.6	.3	.6	—	—	30.4
Adjusted EBITDA	$281.6	$151.8	$126.9	$(12.7)	$117.1	$(3.5)	$(17.0)	$644.2
Adjusted EBITDA margin	27.3%	28.0%	34.7%		23.4%			25.0%
Adjusted EBITDA change	$18.8	$(25.2)	$17.5	$10.1	$31.1	$.7	$11.5	$64.5
Adjusted EBITDA % change	7%	(17)%	14%	80%	27%	20%	68%	10%
Adjusted EBITDA margin change	640bp	20bp	200bp		440bp			440bp
Six Months Ended 31 March 2015
Operating income (loss)	$393.2	$152.3	$175.2	$(25.8)	$228.8	$(5.3)	$(31.5)	$886.9
Add: Depreciation and amortization	206.9	98.7	99.9	9.8	47.3	—	6.2	468.8
Add: Equity affiliates' income	32.3	18.3	24.0	.2	1.3	—	—	76.1
Adjusted EBITDA	$632.4	$269.3	$299.1	$(15.8)	$277.4	$(5.3)	$(25.3)	$1,431.8
Adjusted EBITDA margin	33.4%	28.4%	37.8%		26.2%			28.8%
Six Months Ended 31 March 2014
Operating income (loss)	$354.1	$172.7	$153.9	$(24.9)	$158.1	$(6.4)	$(37.2)	$770.3
Add: Depreciation and amortization	203.4	109.9	94.5	3.3	47.2	—	5.0	463.3
Add: Equity affiliates' income	30.2	19.0	17.2	1.0	1.2	—	—	68.6
Adjusted EBITDA	$587.7	$301.6	$265.6	$(20.6)	$206.5	$(6.4)	$(32.2)	$1,302.2
Adjusted EBITDA margin	29.7%	27.6%	34.9%		21.1%			25.4%
Adjusted EBITDA change	$44.7	$(32.3)	$33.5	$4.8	$70.9	$1.1	$6.9	$129.6
Adjusted EBITDA % change	8%	(11)%	13%	23%	34%	17%	21%	10%
Adjusted EBITDA margin change	370bp	80bp	290bp		510bp			340bp

CAPITAL EXPENDITURES

We utilize a non-GAAP measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases and purchases of noncontrolling interests. Certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases and such spending is reflected as a use of cash within cash provided by operating activities, if the arrangement qualifies as a capital lease. Additionally, the purchase of noncontrolling interests in a subsidiary is accounted for as an equity transaction and is reflected as a financing activity in the statement of cash flows.

Below is a reconciliation of capital expenditures on a GAAP basis to a non-GAAP measure:

	Three Months Ended 31 March		Six Months Ended 31 March
	2015	2014	2015	2014
Capital expenditures – GAAP basis	$383.0	$411.1	$852.1	$802.2
Capital lease expenditures	15.3	51.0	47.2	99.1
Purchase of noncontrolling interests in a subsidiary	—	—	—	.5
Capital expenditures – Non-GAAP basis	$398.3	$462.1	$899.3	$901.8
				FY2015 Forecast
Capital expenditures – GAAP basis				$1,650-1,700
Capital lease expenditures				50-100
Capital expenditures – Non-GAAP basis				$1,700-1,800

OUTLOOK

Guidance provided is on a non-GAAP basis, which excludes the impact of items that are non-operational in nature.

	Diluted EPS
2014 Non-GAAP	$5.78
2015 Non-GAAP Outlook	6.35-6.55
Change Non-GAAP	$.57-.77
% Change Non-GAAP	10%-13%

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Air Products Appoints Marie Ffolkes as President, Industrial Gases-Americas

Tue, 21 Apr 2015 00:00:00 -0400

Air Products (NYSE: APD) announced today that Marie Ffolkes has been appointed to the position of President, Industrial Gases–Americas, effective May 18, 2015. Ffolkes comes to Air Products with 20 years of manufacturing experience and has held senior executive positions with advancing responsibilities at several companies during that time. Ffolkes will report to Corning Painter, executive vice president–Industrial Gases, who held the new position on an interim basis until an appointment was made.

“We are pleased to welcome Marie to our team at this exciting time in our company,” said Painter. “Marie has demonstrated success throughout her career working around the world with some very notable companies. She will be a valuable addition to Air Products at this time as we continue our transformation. We look forward to Marie, through her global experience and demonstrated leadership, making an important contribution to the success of the Industrial Gases–Americas reporting segment and our overall corporation.”

At Air Products, Ffolkes will be responsible for driving the strategy and profitability of the Industrial Gases–Americas business segment, one of the company’s largest business areas, to achieve its primary business objectives and ensure growth, in addition to directing long range business planning efforts. As this is a new position within Air Products, Ffolkes will be responsible for leading change and transformation within this business segment by helping to combine the various industrial gases businesses into one unit, a change from the previous structure. Across North and South America, Ffolkes will have accountability for safety, plant operations, distribution, supply chain, procurement, sales, marketing, as well as regional operations.

Ffolkes joins Air Products most recently from Tenneco, Inc. where she was global vice president and general manager of its Global Elastomer & Ride Performance Group responsible for growth, planning and directing all activities across two business units. Prior to Tenneco, she was with Johnson Controls, Inc. as vice president and general manager for its South American Region’s Automotive Group based in Sao Paulo, Brazil. Ffolkes also formerly worked for General Electric Company in a variety of roles, including senior manager, Global Mergers & Acquisitions–GE Healthcare. She graduated from GE’s Financial Management Program (FMP).

Ffolkes holds an MBA from Columbia Business School and a B.S. from Brooklyn College.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products and ACWA Holding Awarded Contract by Saudi Aramco to Build, Own and Operate the World’s Largest Industrial Gas Complex

Sun, 19 Apr 2015 00:00:00 -0400

Air Products (NYSE: APD) announced today that it has been awarded a contract by Saudi Aramco under a joint venture (JV) of Air Products and ACWA Holding to build, own and operate the world’s largest industrial gas complex to supply 75,000 metric tons per day (20,000 oxygen and 55,000 nitrogen) to Saudi Aramco’s refinery being built in Jazan, Saudi Arabia for 20 years.

The industrial gas complex will be designed and built by Air Products using its proprietary technology. Once built, this facility will be owned by a JV of Air Products (25%) and ACWA Holding (75%).

“We at Air Products are very excited about being awarded this very significant project. We consider it an honor and a privilege to use our proprietary technology to design and build the world’s largest industrial gas complex for an outstanding client and the largest company in the world, Saudi Aramco. We are very pleased that Saudi Aramco trusts Air Products and our partner ACWA Holding to economically and reliably supply the critical gases needed for its refinery in Jazan,” said Seifi Ghasemi, chairman, president and chief executive officer at Air Products. “This award also demonstrates the value of our outstanding relationship with our partner in ACWA Holding, who has worked so closely with us to develop this great project.”

“We are proud and thrilled to be selected as the partner of choice by Saudi Aramco to develop this world scale industrial gases project. This mammoth undertaking complements the portfolio of power, water, renewable energy, district cooling, integrated waste and resource recovery projects of ACWA Holding as the premier infrastructure developer in the region. The partnership with Air Products, the world leader in the field, is further testimony to ACWA Holding’s superior capability to develop large and critical infrastructure projects in Saudi Arabia and the region,” said Mohamed Abunayan, ACWA Holding Chairman.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

About ACWA Holding
Founded in 2002, and through the vision of its founding partners, Al Muhaidib Group and Abdullah Abunayyan Group, the Arabian Company for Water and Power Development (ACWA Holding) identified the viability and a benefit of the Public Private Partnership (PPP) to meet Saudi Arabia’s growing demand for water and electricity. The company’s significant success in the field facilitated leveraging the gained experience to expand into other PPP type sectors where the company has now become the leader in Water Recycling and Management, District Cooling, Municipal Waste Recycling and Renewable Energy.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products to Hold Investor Call on Jazan Project

Sun, 19 Apr 2015 00:00:00 -0400

Air Products (NYSE: APD) will hold a conference call on Monday April 20, 2015 at 8:30 a.m. ET to discuss details about the Jazan, Saudi Arabia Project. Air Products issued a press release earlier this evening, announcing that Air Products and ACWA Holding were awarded a contract by Saudi Aramco to build, own and operate the world’s largest industrial gas complex. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: 719-325-4750
Passcode: 3639309
Internet broadcast: Available on the Event Details page on Air Products’ Investor Relations web site.

Telephone replay: 888-203-1112 or 719-457-0820
Passcode: 3639309
This will be available from 1:00 p.m. ET on April 20 through April 27
Internet replay: Available on the Event Details page on Air Products’ Investor Relations web site.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

Air Products’ Investor Conference to Showcase Five-Point Plan in Action; Company Reaffirms EPS Guidance

Tue, 31 Mar 2015 00:00:00 -0400

At Air Products’ (NYSE: APD) Investor Conference today, senior leaders will share how their teams around the world are executing against the company’s five-point plan to create value for shareholders.

The presentations will be audio webcast from Air Products’ Investor Relations website beginning at 10:00 a.m. ET and conclude at 4:00 p.m. ET.

“These presentations are a great opportunity to hear how the people of Air Products are taking ownership and moving our company forward,” said Seifi Ghasemi, chairman, president and chief executive officer.

Last September, Ghasemi unveiled his five-point plan as the path for Air Products to reclaim its leadership position and create shareholder value:

Focus on the core: Air Products considers industrial gases to be its core business and is following the key principles of an integrated gas model.
Restructure the organization: Air Products has restructured with the drive for an agile, decentralized, empowered, entrepreneurial and geographically focused organization.
Change the culture: Air Products is building a culture based on safety, simplicity, speed and self-confidence.
Control capital/costs: Air Products is committed to controlling costs at every level and to the responsible use of capital, with capital allocation being the most important role of the CEO.
Align rewards: The annual bonus is based on EBITDA performance against specific targets for the company’s decentralized business units.

Reaffirming Fiscal Second Quarter and Full-year Guidance*
Air Products reaffirms its previous guidance for its fiscal 2015 second quarter non-GAAP earnings per share (EPS) from continuing operations of between $1.50 and $1.55 per share, representing a 14% to 17% increase over the prior year, and non-GAAP EPS guidance for continuing operations for fiscal 2015 of $6.35 to $6.55 per share, a 10% to 13% increase over fiscal 2014.

*The guidance and prior year comparisons in this release, unless otherwise indicated, are based on non-GAAP continuing operations. A reconciliation of GAAP to non-GAAP results can be found at the end of this release.

Fiscal Second Quarter Earnings Teleconference Information
The company will release its fiscal 2015 second quarter financial results on Thursday, April 30, 2015 before the stock market opens and will review these results later that day in a teleconference at 10:00 a.m. ET. The teleconference will be open to the public and the media in listen-only mode by telephone and Internet broadcast.

Live teleconference: 877-719-9801 (domestic) or 719-325-4818 (international)
Passcode: 5572123
Internet broadcast/slides: Available on the Event Details page on Air Products’ Investor Relations website.

Telephone replay: 888-203-1112 (domestic) or 719-457-0820 (international)
Passcode: 5572123
This will be available from 2:00 p.m. ET on April 30 through May 8 at 2:00 p.m. ET.
Internet replay: Available on the Event Details page on Air Products’ Investor Relations website.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings guidance and business outlook. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, weakening or reversal of global or regional economic recovery; significant fluctuations in interest rates and foreign currencies from that currently anticipated; future financial and operating performance of major customers; unanticipated contract terminations or customer cancellations or postponement of projects and sales; the impact of competitive products and pricing; unexpected changes in raw material supply and markets; the impact of price fluctuations in natural gas and disruptions in markets and the economy due to oil price volatility; unanticipated asset impairments or losses; the ability to recover increased energy and raw material costs from customers; costs and outcomes of litigation or regulatory investigations; the impact of management and organizational changes, including pension settlement and other associated costs; the success of productivity programs; the timing, impact, and other uncertainties of future acquisitions or divestitures; political risks, including the risks of unanticipated government actions that may result in project delays, cancellations or expropriations; the impact of changes in environmental, tax or other legislation and regulatory activities in jurisdictions in which the Company and its affiliates operate; the impact on the effective tax rate of changes in the mix of earnings among our U.S. and international operations; and other risk factors described in the Company's Form 10-K for its fiscal year ended September 30, 2014. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any change in the Company's assumptions, beliefs or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Consolidated Results
	Diluted EPS
	Q2 2014	FY 2014
2014 GAAP	$1.32	$4.59
Business restructuring and cost reduction actions	—	.04
Pension settlement loss	—	.02
Goodwill and intangible asset impairment charge	—	1.27
Chilean tax rate change	—	.10
Tax election benefit	—	(.24)
2014 Non-GAAP Measure	$1.32	$5.78

Outlook
	Diluted EPS
	Q2	FY
2014 Non-GAAP	$1.32	$5.78
2015 Non-GAAP Outlook	1.50–1.55	6.35–6.55
Change Non-GAAP	$.18–.23	$.57–.77
% Change Non-GAAP	14%–17%	10%–13%

Air Products Increases Quarterly Dividend for 33rd Consecutive Year

Thu, 19 Mar 2015 00:00:00 -0400

The Board of Directors of Air Products (NYSE:APD) today increased the quarterly dividend on the company’s common stock to 81 cents per share from 77 cents, representing an increase of five percent.

The dividend is payable on May 11, 2015 to shareholders of record at the close of business on April 1, 2015. This marks the 33rd consecutive year that Air Products has increased its dividend payment.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

Air Products to Host Investor Conference on March 31

Thu, 12 Mar 2015 00:00:00 -0400

Air Products (NYSE:APD) will host an Investor Day in New York City on March 31, 2015 at 10:00 a.m. ET. The event will be audio webcast, with presentations accessible from Air Products’ Investor Relations web site.

Seifi Ghasemi, chairman, president and chief executive officer of Air Products, will reiterate how the company is creating value for shareholders by driving to its goal to be the safest and most profitable industrial gas company in the world, providing excellent service to customers.

“We shared our new strategy in September and since then have restructured the company, created true profit and loss accountability at many levels, and made great progress in changing our culture,” said Ghasemi. “This investor conference is an opportunity for our senior leaders to demonstrate how they are executing against that strategy and represent the talented and committed people of Air Products who are working hard to create shareholder value and shape the company’s future.”

In addition to Ghasemi, featured presenters will include:

Scott Crocco, senior vice president and chief financial officer of Air Products
Guillermo Novo, executive vice president of Air Products, responsible for Materials Technologies
Corning Painter, executive vice president of Air Products, responsible for Industrial Gases worldwide and the Americas
Ivo Bols, president, Industrial Gases – Europe, Middle East, and Africa (EMEA)
Wilbur Mok, president, Industrial Gases – Asia

The webcast presentations, including question and answer sessions, will conclude at 4:00 p.m. ET.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products Announces North American Price Increase for Liquid Argon, Oxygen, Nitrogen and Monthly Service Charges

Mon, 02 Mar 2015 00:00:00 -0500

Effective March 15, 2015, or as contracts permit, Air Products (NYSE: APD) will increase product pricing and monthly service charges for merchant industrial gas customers in North America. The pricing adjustments include increases of:

Up to 20% for liquid argon
Up to 12% for liquid oxygen and liquid nitrogen
Up to 10% on monthly service charges

Some price adjustments may be outside of these ranges based on other specific situations.

The price adjustments are in response to increased costs to reliably supply Air Products’ customers’ growing demand for industrial gases. In addition to higher operating costs for both production and delivery of industrial gas products, Air Products has also experienced increased costs for bulk tanks due to higher metal prices.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.

Air Products CEO to Speak at Barclays Industrial Select Conference

Thu, 12 Feb 2015 00:00:00 -0500

Air Products (NYSE:APD) today announced that Seifi Ghasemi, chairman, president and chief executive officer, will participate in a Q&A session at the Barclays Industrial Select Conference on February 19, 2015 at 10:35 a.m. ET.

An audio webcast of the Q&A discussion will be available on Air Products’ Investor Relations event details web site.

About Air Products
Air Products (NYSE:APD) is a leading industrial gases company. For nearly 75 years, the company has provided atmospheric, process and specialty gases, and related equipment to manufacturing markets including metals, food and beverage, refining and petrochemical, and natural gas liquefaction. Air Products’ materials technologies segment serves the semiconductor, polyurethanes, cleaning and coatings, and adhesives industries. Over 20,000 employees in 50 countries are working to make Air Products the world’s safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. In fiscal 2014, Air Products had sales of $10.4 billion and was ranked number 276 on the Fortune 500 annual list of public companies. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2014.