Air Products has reported strong fiscal 2017 fourth quarter (Q4) and full-year results, including a 64% rise in reported GAAP net income over the same period the prior year.
Fourth quarter sales of $2.2bn increased 13% from the prior year, on 9% higher volumes, 2% higher pricing, and favourable energy pass-through and currency of 1% each.
Significantly, Air Products reported volumes were higher in all three of its industrial gas regions.
For the quarter, adjusted EBITDA of $769m increased 13% over the prior year on strong volume growth, higher pricing and productivity. Adjusted EBITDA margin of 34.9% increased 10 basis points from the prior year and was negatively impacted by 30 basis points from higher energy pass-through; excluding this impact, adjusted EBITDA margin increased 40 basis points.
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