Air Products has reported strong fiscal 2018 first quarter (Q1) results, with a Q1 net income of $156m and diluted earnings per share (EPS) of $0.70.
These results included a net $239m, or $1.09 per share, charge related to the US Tax Cuts and Jobs Act.
For the quarter, on a non-GAAP basis, adjusted net income from continuing operations of $395m increased 23% and diluted adjusted EPS from continuing operations of $1.79 increased 22% over the prior year. Excluding a $.06 benefit from the new Tax Act, EPS increased 18%.
The adjusted EPS benefit from the Tax Act in the first quarter was $.06 per share. Air Products expects the full-year adjusted EPS benefit of the Tax Act to be $0.20 to $0.25 per share, with an expected adjusted full-year tax rate of 20-21%. Non-GAAP results for the company in the fiscal first quarter of 2018 exclude a net expense of $239m due to the Tax Act, which includes an expense of $453m for the cost of the deemed repatriation tax and adjustments to the future cost of repatriation from foreign investments, and a benefit of $214m, primarily from the re-measurement of the company’s net US deferred tax liabilities at the lower corporate tax rate.
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