Air Products attributed higher costs, losses on sales of its Russia business and strength of the US dollar for a 4% drop in Q4 net income to $593 million.
However adjusted EBITDA of $1,145 million was up 10% over the prior year, as higher volumes, pricing and equity affiliates’ income more than offset higher costs and unfavourable currency.
Quarterly sales of $3.6bn increased 26% over the prior year on 15% higher energy cost pass-through, 9% higher volumes, and 8% higher pricing. Volume growth, primarily in Asia and the Americas, was driven by new plants, recovery in hydrogen and better merchant demand.
For the fiscal year 2022, net income of $2,267 million was up 7% over prior year, as higher pricing and volumes, as well as equity affiliates’ income driven by the Jazan project “more than offset higher costs”, and full-year sales of $12.7bn increased 23%.
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