Air Products’ earnings rise 6% in Q1, NEOM cash funding halves


Air Products today reported a 6% growth in first quarter net income to $584m – and its cash contribution to NEOM will halve to $800m.

Seifi Ghasemi, Chairman, President and CEO, said growth came amid “significant macro economic headwinds”.

Higher pricing and volumes were partially offset by higher costs, unfavourable currency due to the strengthening of the US Dollar, and the prior-year one-time benefit associated with finalising the Jazan air separation unit (ASU) joint venture. GAAP net income margin of 18.4% was flat versus the prior year.

For the quarter, on a non-GAAP basis, adjusted EPS from continuing operations of $2.64 increased 6% over the prior year. Adjusted EBITDA of $1,084m was up 8% over the prior year.

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