gasworld’s Business Intelligence provides you with the latest analysis of Air Products’ Q1 2015 earnings reports.
- Total reported sales down -6% at $2.4bn after nearly three years of growth.
- Operating Income again showed strong growth, +15% YoY, continuing acceleration over recent quarters. Driven by improved volumes and pricing (around half), and costs reduction and efficiency (also around half).
- Operating margin continued improving trend of recent quarters and was up over 300 basis points YoY – highest operating margin in over 25 years. Helped by top line impact of lower energy cost pass-through.
- Selling and admin costs again down, -8% YoY.
- R&D expenditure growth accelerated to +10%.
- Further charge of $55m for restructuring and cost reduction.
- New focus on EBITDA reflected in +10% growth YoY in Q1 and 440 basis points improvement in EBITDA margin to over 29% of sales.
- Free cash flow improved significantly YoY.
- EPS up +17% YoY. FY2015 EPS projected to rise by +10% to +13%.
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