Air Products has reported yet another successful quarter, with its latest third quarter (Q3) financials highlighting sales of $3.2bn, a 22% increase over the prior year.
Publishing its results on Thursday (4th August), the industrial gas giant said on a non-GAAP basis, adjusted EPS from continuing operations of $2.62 increased 13% in the quarter, over the prior year, and adjusted EBITDA of $1bn was up 11%.
Adjusted EBITDA margin of 33.9% decreased 360 basis points, primarily driven by higher energy cost pass-through, which negatively impacted margin by approximately 500 basis points.
Hydrogen has been identified by Air Products as one of its biggest growth areas, especially in the Americas, due to more merchant demand and higher sale of equipment activity.
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