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business-intelligence-financial-air-products-q1-2016
business-intelligence-financial-air-products-q1-2016

Business Intelligence Financial – Air Products – Q1 2016

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gasworld Business Intelligence provides you with the latest analysis of Air Products’ Q1 2016 earnings report.

Headlines

  • Total reported sales again down -6% YoY, slower decline than previous quarter, at $2.27Bn.
  • Operating Income at $532m in Q1 drives growth to over +20% YoY, its best performance in nearly 5 years.

  • Operating margin at over 23% continued improving trend of last 2 years and was up 500bp YoY and reached its highest rate in over 25 years. Helped by lower energy cost pass-through.
  • Equity Affiliates Income (highest amongst peers) virtually flat YoY.
  • Selling & Admin costs down -14% YoY reflecting recent actions while Cost of Sales were down over -10%.
  • Focus on EBITDA reflected in +12% growth YoY in CYQ1 and 560bp improvement in EBITDA margin to to over 35% of sales.
  • Reported ROCE up 200bp at 13%.
  • Free cash flow more than doubled YoY in Q1 due to lower growth capex.
  • EPS up +17% YoY in first quarter of CY2016.
  • Proceeding on schedule with spin off Materials Technoloies business during FY2016.
  • Announced exit from UK Waste for Energy project with $946m charge in Q1.
  • EPS outlook for FY2016 raised at $7.40-7.55 (up +12-14% vs FY2015).

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