“Despite continued, broad economic uncertainty in most of the world, we remain confident in the profitable growth strategy we are executing, providing innovative solutions for some of the world’s most significant energy and environmental challenges.”

Those were the words of Seifi Ghasemi, Chairman, President and CEO of Air Products as he reflected on the industrial gas giant’s fiscal quarter one (Q1) 2021 financial results released today (4th Feb).

For the quarter, Air Products reported GAAP EPS from continuing operations of $2.12, down 1%, despite an estimated $0.10 to $0.15 negative impact from Covid-19.

GAAP net income of $487m, including $10m from discounted operations, was flat; and GAAP net income margin of 20.5% was down 120 basis points, versus prior year.

On a non-GAAP basis, adjusted EPS from continuing operations of $2.12 was down 1%, despite an estimated $0.10 to $0.15 negative impact from Covid-19. 

Adjusted EBITDA of $932m was up 3%; and adjusted EBITDA margin of 39.2% was down 110 basis points, each versus prior year.

Q1 sales of $2.4bn increased 5% on 3% favourable currency, 2% higher pricing and 1% higher energy pass through.

Volumes declined 1%, as new plants, acquisitions and increased sale-of-equipment activities were offset by lower demand from Covid-19 and a reduced contribution from the Lu’An gasification project in Asia.

“The resilient, hard-working and focused Air Products team delivered higher adjusted EBITDA this quarter—as well as maintained adjusted EBITDA margins of nearly 40% —despite the continued challenges of the global pandemic,” Ghasemi continued.

“From our position of financial strength, we continued to execute our growth strategy focused on industrial gas projects that address significant energy and environmental challenges.”

”I continue to be as optimistic as ever about the future of Air Products.”

Read more: Air Products Q1 financials: Business Segment breakdown