Air Products has today (1st August) published its third quarter (Q3) financial results, reporting a $3bn slip in sales, down 2%, with sales in each geographical region taking a hit.
For the quarter, the industrial gas giant reported GAAP net income of $709m, up 16% over the prior year. GAAP net income margin of 23.7% increased 260 basis points over the year prior.
Adjusted EBITDA of $1.3bn was up 5% over the prior year due to positive pricing, favourable business mix, and improved productivity, which were partially offset by higher planned maintenance and inflation.
Seifi Ghasemi, Chairman, President, and CEO of Air Products, said the results demonstrated the company’s focus on its core industrial gas business. He also noted that Air Products’ adjusted EBITDA margin is the best in the industry.
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