Air Products recorded a 65% jump in net income to $3.9bn in its 2024 full-year consolidated results, fuelled by the $1.2bn after-tax gain from the sale of its former LNG business at the end of the fourth quarter to Honeywell.
Fourth quarter net income totalled $2bn, on the back of $3.2bn sales, leading to an adjusted EPS of $3.56, up 13%, and EBITDA margin exceeding 44%. The bottom line was driven by ‘higher volumes and favourable pricing’, according to Zacks Equity Research. Revenues were $12.1bn for the full year, down around 3.9% year-on-year.
Quarterly sales growth was headed by Asia ($861m, up 7%) while the segment-leading Americas totalled $1.3bn (down 3%) and Europe sales fell 3% too to $731m. Middle East and India equity affiliates’ income of $92m was ‘flat’ year-on-year while corporate and other sales fell 11% to $257m.
Alongside the headline LNG sale, Air Products announced plans to construct two new air separation units at the Company’s Conyers, Georgia, and Reidsville, North Carolina locations to serve local merchant markets, and $70m to expand gas separation and purification membranes at its Missouri manufacturing and logistics centre.
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