LEHIGH VALLEY, Pa.,
May 10, 2021 /PRNewswire/ --
Q2 FY21 (comparisons versus prior year):
- GAAP EPS of $2.13, down four
percent; GAAP net income of $477
million, down three percent; and GAAP net income margin of
19.1 percent, down 300 basis points. These results include an
estimated $0.10-$0.15 per share negative impact from
COVID-19.
- Adjusted EPS* of $2.08, up two
percent; adjusted EBITDA margin* of 37.3 percent, down 300 basis
points. These results include an estimated $0.10-$0.15 per
share negative impact from COVID-19.
Q2 FY21 Highlights
- Delivered base business excellence: Brought onstream
sixth air separation unit in Chandler,
Arizona and first cryogenic nitrogen plant in the Bayan
Lepas Free Industrial Zone, Penang, Northern
Malaysia to increase capacity to serve fast-growing
electronics and other end-market demand
- Extended gasification leadership: Acquired
remaining 50 percent equity stake in gasification technology joint
venture from China Shenhua Coal to Liquid and Chemical Co.
Ltd.
- Advanced the energy transition: Inaugurated
state-of-the-art hydrogen fueling station for Ulsan City,
South Korea, one of the three
pilot cities in the country's hydrogen economy roadmap; hosted
multi-city U.S. tours to demonstrate the benefits of fuel cell
electric buses powered with Air Products' hydrogen
- Continued sustainability commitments and growth: Signed
long-term, virtual power purchase agreement in Poland; named Top Climate-Aligned Company on
Barron's 2021 Ranking of the Most Sustainable Companies in
America
Major Project Updates
- Lu'An: Customer has requested start-up of the facility;
commissioning is underway following the extended downtime
- Jazan: In final stages of project financing; barring unforeseen
circumstances, expect to close during this fiscal year
Guidance
- Fiscal 2021 full-year adjusted EPS guidance* of $8.95 to $9.10, up
seven to nine percent over prior year adjusted EPS*; fiscal 2021
third quarter adjusted EPS guidance* of $2.30 to $2.40, up
14 to 19 percent over prior year third quarter adjusted EPS*. This
guidance does not include the Jazan transaction or the expected
restart of the Lu'An facility.
- Expect fiscal year 2021 capital expenditures* of approximately
$2.5 billion. This guidance does not
include the Jazan transaction.
#Earnings per share is calculated and
presented on a diluted basis from continuing operations and
attributable to Air Products.
*Certain results in this release, including in the highlights
above, include references to non-GAAP financial measures on a
consolidated, continuing operations basis and a segment basis.
Additional information regarding these measures and a
reconciliation of GAAP to non-GAAP historical results can be found
below. In addition, as discussed below, it is not possible, without
unreasonable efforts, to identify the timing or occurrence of
events and transactions that could significantly impact future GAAP
EPS or cash flow used for investing activities if they were to
occur.
Air Products (NYSE:APD) today reported second quarter fiscal
2021 GAAP EPS from continuing operations of $2.13, down four percent; GAAP net income of
$477 million, down three percent; and
GAAP net income margin of 19.1 percent, down 300 basis points, each
versus prior year. These results include an estimated $0.10 to $0.15 per
share negative impact from COVID-19.
On a non-GAAP basis, adjusted EPS from continuing operations of
$2.08 was up two percent; adjusted
EBITDA* of $934 million was up five
percent; and adjusted EBITDA margin of 37.3 percent was down 300
basis points, each versus prior year. These results include an
estimated $0.10 to $0.15 per share negative impact from COVID-19.
Non-GAAP adjusted EPS excludes a $0.12 gain on an exchange with a joint venture
partner, partially offset by an $0.08
negative impact from a facility closure.
Second quarter sales of $2.5
billion increased thirteen percent due to seven percent
higher energy cost pass-through, four percent favorable currency,
and two percent higher pricing. Volumes were flat, as new plants,
acquisitions and increased sale-of-equipment activities were offset
by reduced contributions from the Lu'An gasification project in
Asia ("Lu'An"), lower merchant
demand from COVID-19, and the severe Winter
Storm Uri that affected the U.S. Gulf Coast.
Commenting on the results, Air Products' Chairman, President and
Chief Executive Officer Seifi
Ghasemi said, "Despite ongoing challenges from COVID-19
globally and the severe winter storm in the U.S. Gulf Coast during
the quarter, our talented, committed and dedicated team continued
to work tirelessly, supporting our customers and successfully
executing our megaprojects. Adjusted EPS improved over the prior
year, we continued to improve pricing, and we again generated
strong cash flow. Meanwhile, Air Products continues to lead with
world-scale energy transition projects in gasification, carbon
capture and carbon-free hydrogen."
Fiscal Second Quarter Results by Business
Segment
- Industrial Gases - Americas sales of $1,056 million were up 13 percent over the prior
year. Fifteen percent higher energy cost pass through, primarily
driven by the winter storm; three percent higher pricing; and one
percent favorable currency were partially offset by six percent
lower volumes, primarily due to the impact of COVID-19 and the
winter storm. Operating income of $263
million decreased two percent, due to lower volumes,
partially offset by higher pricing. Operating margin of 24.9
percent decreased 380 basis points, driven by the higher energy
cost pass-through, which negatively impacted margin by about 430
basis points. Adjusted EBITDA of $449
million increased six percent, as higher pricing, the
acquisition of hydrogen assets and higher equity affiliates' income
more than offset the lower volumes. Adjusted EBITDA margin of 42.5
percent decreased 310 basis points, driven by the higher energy
cost pass-through, which negatively impacted margin by about 650
basis points.
Sequentially, sales increased 13
percent on 10 percent higher energy cost pass-through, two percent
higher volumes, and one percent higher pricing.
- Industrial Gases - EMEA sales of $585 million increased 19 percent over the prior
year on nine percent favorable currency; five percent higher
volumes, driven primarily by acquisitions and higher onsite
volumes, but partially offset by lower demand from COVID-19; three
percent higher energy cost pass-through; and two percent higher
pricing. Operating income of $140
million increased 12 percent, primarily due to higher
pricing, higher volumes and favorable currency. Operating margin of
23.9 percent decreased 140 basis points. Adjusted EBITDA of
$218 million increased 17 percent,
primarily due to higher pricing and volumes, favorable currency,
and equity affiliates' income. Adjusted EBITDA margin of 37.2
percent decreased 50 basis points.
Sequentially, sales increased four
percent, as two percent favorable currency, two percent higher
energy cost pass-through, and one percent higher pricing more than
offset one percent lower volumes.
- Industrial Gases - Asia sales of $698 million increased six percent from the prior
year on seven percent favorable currency and one percent higher
pricing, partially offset by two percent lower volumes. Higher
merchant volumes and new plants partially offset reduced
contributions from Lu'An. Operating income of $199 million decreased five percent and operating
margin of 28.5 percent decreased 330 basis points, both
primarily due to reduced contributions from Lu'An. Adjusted EBITDA
of $324 million decreased one percent
and adjusted EBITDA margin of 46.4 percent decreased 330 basis
points, both primarily due to Lu'An.
Sequentially, sales decreased
three percent, as one percent favorable currency was more than
offset by four percent lower volumes, primarily due to the Lunar
New Year impact.
Outlook
Air Products expects full-year fiscal 2021 adjusted EPS guidance
of $8.95 to $9.10, up seven to nine percent over prior year
adjusted EPS. For the fiscal 2021 third quarter, Air Products'
adjusted EPS guidance is $2.30 to
$2.40, up 14 to 19 percent over
fiscal 2020 third quarter adjusted EPS. This guidance does not
include the Jazan transaction or the expected restart of the Lu'An
facility.
Air Products expects capital expenditures of approximately
$2.5 billion for full-year fiscal
2021. This guidance does not include the Jazan transaction.
Management has provided adjusted EPS guidance on a continuing
operations basis, which excludes the impact of certain items that
we believe are not representative of our underlying business
performance, such as the incurrence of additional costs for cost
reduction actions and impairment charges, or the recognition of
gains or losses on disclosed items. It is not possible, without
unreasonable efforts, to predict the timing or occurrence of these
events or the potential for other transactions that may impact
future GAAP EPS or the effective tax rate. Furthermore, it is not
possible to identify the potential significance of these events in
advance, but any of these events, if they were to occur, could have
a significant effect on our future GAAP EPS. Management therefore
is unable to reconcile, without unreasonable effort, the Company's
forecasted range of adjusted EPS and effective tax rate to a
comparable GAAP range.
Earnings Teleconference
Access the Q2 earnings teleconference scheduled for 8:30 a.m. Eastern Time on May 10, 2021 by
calling 323-794-2093 and entering passcode 6765127 or access the
Event Details page on Air Products' Investor Relations
website.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases
company in operation for 80 years. Focused on serving energy,
environment and emerging markets, the Company provides essential
industrial gases, related equipment and applications expertise to
customers in dozens of industries, including refining, chemical,
metals, electronics, manufacturing, and food and beverage. Air
Products is also the global leader in the supply of liquefied
natural gas process technology and equipment. The Company develops,
engineers, builds, owns and operates some of the world's largest
industrial gas projects, including: gasification projects that
sustainably convert abundant natural resources into syngas for the
production of high-value power, fuels and chemicals; carbon capture
projects; and world-scale carbon-free hydrogen projects supporting
global transportation and the energy transition.
The Company had fiscal 2020 sales of $8.9
billion from operations in 50 countries and has a current
market capitalization of about $65
billion. More than 19,000 passionate, talented and committed
employees from diverse backgrounds are driven by Air Products'
higher purpose to create innovative solutions that benefit the
environment, enhance sustainability and address the challenges
facing customers, communities, and the world. For more information,
visit www.airproducts.com or follow us on LinkedIn, Twitter,
Facebook, or Instagram.
Cautionary Note Regarding Forward-Looking Statements: This
release contains "forward-looking statements" within the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including statements about earnings guidance, business
outlook and investment opportunities. These forward-looking
statements are based on management's expectations and assumptions
as of the date of this release and are not guarantees of future
performance. While forward-looking statements are made in good
faith and based on assumptions, expectations and projections that
management believes are reasonable based on currently available
information, actual performance and financial results may differ
materially from projections and estimates expressed in the
forward-looking statements because of many factors, including,
without limitation: the duration and impacts of the novel
coronavirus ("COVID-19") global pandemic and efforts to contain its
transmission, including the effect of these factors on our
business, our customers, economic conditions and markets generally;
changes in global or regional economic conditions, supply and
demand dynamics in market segments we serve, or in the financial
markets that may affect the availability and terms on which we may
obtain financing; risks associated with having extensive
international operations, including political risks, risks
associated with unanticipated government actions and risks of
investing in developing markets; project delays, contract
terminations, customer cancellations or postponement of projects
and sales; future financial and operating performance of major
customers and joint venture partners; our ability to develop,
implement, and operate new technologies; our ability to execute the
projects in our backlog; our ability to develop and operate large
scale and technically complex projects, including gasification
projects; tariffs, economic sanctions and regulatory activities in
jurisdictions in which we and our affiliates and joint ventures
operate; the impact of environmental, tax or other legislation, as
well as regulations affecting our business and related compliance
requirements, including legislation or regulations related to
global climate change; changes in tax rates and other changes in
tax law; the timing, impact and other uncertainties relating to
acquisitions and divestitures, including our ability to integrate
acquisitions and separate divested businesses, respectively; risks
relating to cybersecurity incidents, including risks from the
interruption, failure or compromise of our information systems;
catastrophic events, such as natural disasters and extreme weather
events, public health crises, acts of war, or
terrorism; the impact on our business and customers of price
fluctuations in oil and natural gas and disruptions in markets and
the economy due to oil and natural gas price volatility; costs and
outcomes of legal or regulatory proceedings and investigations;
asset impairments due to economic conditions or specific events;
significant fluctuations in interest rates and foreign currency
exchange rates from those currently anticipated; damage to
facilities, pipelines or delivery systems, including those we own
or operate for third parties; availability and cost of raw
materials; the success of productivity and operational improvement
programs; and other risk factors described in our Annual Report on
Form 10-K for the fiscal year ended September 30, 2020. Except as required by law, we
disclaim any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect any change
in the assumptions, beliefs, or expectations or any change in
events, conditions, or circumstances upon which any such
forward-looking statements are based.
AIR PRODUCTS AND
CHEMICALS, INC. and Subsidiaries
CONSOLIDATED
INCOME STATEMENTS
(Unaudited)
|
|
|
|
|
Three Months Ended
|
Six Months
Ended
|
|
31 March
|
31 March
|
(Millions of
dollars, except for share and per share data)
|
2021
|
2020
|
2021
|
2020
|
Sales
|
$2,502.0
|
|
$2,216.3
|
|
$4,877.2
|
|
$4,471.0
|
|
Cost of
sales
|
1,745.5
|
|
1,460.1
|
|
3,377.9
|
|
2,946.7
|
|
Facility
closure
|
23.2
|
|
—
|
|
23.2
|
|
—
|
|
Selling and
administrative
|
210.3
|
|
201.7
|
|
413.0
|
|
403.4
|
|
Research and
development
|
21.1
|
|
19.2
|
|
44.6
|
|
36.9
|
|
Gain on exchange with
joint venture partner
|
36.8
|
|
—
|
|
36.8
|
|
—
|
|
Company headquarters
relocation income (expense)
|
—
|
|
33.8
|
|
—
|
|
33.8
|
|
Other income
(expense), net
|
9.8
|
|
8.1
|
|
32.3
|
|
20.4
|
|
Operating
Income
|
548.5
|
|
577.2
|
|
1,087.6
|
|
1,138.2
|
|
Equity affiliates'
income
|
69.8
|
|
88.2
|
|
139.1
|
|
146.4
|
|
Interest
expense
|
36.1
|
|
19.3
|
|
72.8
|
|
38.0
|
|
Other non-operating
income (expense), net
|
16.8
|
|
7.1
|
|
35.4
|
|
16.2
|
|
Income From
Continuing Operations Before Taxes
|
599.0
|
|
653.2
|
|
1,189.3
|
|
1,262.8
|
|
Income tax
provision
|
121.9
|
|
148.5
|
|
235.8
|
|
269.2
|
|
Income From
Continuing Operations
|
477.1
|
|
504.7
|
|
953.5
|
|
993.6
|
|
Income (Loss) from
discontinued operations, net of tax
|
—
|
|
(14.3)
|
|
10.3
|
|
(14.3)
|
|
Net
Income
|
477.1
|
|
490.4
|
|
963.8
|
|
979.3
|
|
Net income
attributable to noncontrolling interests of continuing
operations
|
4.0
|
|
12.6
|
|
8.7
|
|
25.9
|
|
Net Income
Attributable to Air Products
|
$473.1
|
|
$477.8
|
|
$955.1
|
|
$953.4
|
|
|
|
|
|
|
Net Income
Attributable to Air Products
|
|
|
|
|
Net income from
continuing operations
|
$473.1
|
|
$492.1
|
|
$944.8
|
|
$967.7
|
|
Net income (loss)
from discontinued operations
|
—
|
|
(14.3)
|
|
10.3
|
|
(14.3)
|
|
Net Income
Attributable to Air Products
|
$473.1
|
|
$477.8
|
|
$955.1
|
|
$953.4
|
|
|
|
|
|
|
Per Share
Data*
|
|
|
|
|
Basic EPS from
continuing operations
|
$2.13
|
|
$2.22
|
|
$4.26
|
|
$4.38
|
|
Basic EPS from
discontinued operations
|
—
|
|
(0.06)
|
|
0.05
|
|
(0.06)
|
|
Basic EPS
Attributable to Air Products
|
$2.13
|
|
$2.16
|
|
$4.31
|
|
$4.31
|
|
Diluted EPS from
continuing operations
|
$2.13
|
|
$2.21
|
|
$4.25
|
|
$4.36
|
|
Diluted EPS from
discontinued operations
|
—
|
|
(0.06)
|
|
0.05
|
|
(0.06)
|
|
Diluted EPS
Attributable to Air Products
|
$2.13
|
|
$2.15
|
|
$4.29
|
|
$4.29
|
|
|
|
|
|
|
Weighted Average
Common Shares (in millions)
|
|
|
|
|
Basic
|
221.6
|
|
221.2
|
|
221.6
|
|
221.0
|
|
Diluted
|
222.5
|
|
222.3
|
|
222.5
|
|
222.2
|
|
*Earnings per share
("EPS") is calculated independently for each component and may not
sum to total EPS due to rounding.
|
AIR PRODUCTS AND
CHEMICALS, INC. and Subsidiaries
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
|
|
|
31 March
|
30
September
|
(Millions of
dollars)
|
2021
|
2020
|
Assets
|
|
|
Current
Assets
|
|
|
Cash and cash
items
|
$5,786.3
|
|
$5,253.0
|
|
Short-term
investments
|
409.2
|
|
1,104.9
|
|
Trade receivables,
net
|
1,388.9
|
|
1,274.8
|
|
Inventories
|
430.3
|
|
404.8
|
|
Prepaid
expenses
|
206.8
|
|
164.5
|
|
Other receivables and
current assets
|
545.1
|
|
482.9
|
|
Total Current
Assets
|
8,766.6
|
|
8,684.9
|
|
Investment in net
assets of and advances to equity affiliates
|
1,538.2
|
|
1,432.2
|
|
Plant and equipment,
at cost
|
26,438.5
|
|
25,176.2
|
|
Less: accumulated
depreciation
|
13,810.2
|
|
13,211.5
|
|
Plant and equipment,
net
|
12,628.3
|
|
11,964.7
|
|
Goodwill,
net
|
914.7
|
|
891.5
|
|
Intangible assets,
net
|
449.1
|
|
435.8
|
|
Noncurrent lease
receivables
|
789.2
|
|
816.3
|
|
Other noncurrent
assets
|
1,072.8
|
|
943.1
|
|
Total Noncurrent
Assets
|
17,392.3
|
|
16,483.6
|
|
Total
Assets
|
$26,158.9
|
|
$25,168.5
|
|
Liabilities and
Equity
|
|
|
Current
Liabilities
|
|
|
Payables and accrued
liabilities
|
$2,042.2
|
|
$1,833.2
|
|
Accrued income
taxes
|
86.7
|
|
105.8
|
|
Short-term
borrowings
|
15.4
|
|
7.7
|
|
Current portion of
long-term debt
|
873.1
|
|
470.0
|
|
Total Current
Liabilities
|
3,017.4
|
|
2,416.7
|
|
Long-term
debt
|
6,804.6
|
|
7,132.9
|
|
Long-term debt –
related party
|
311.3
|
|
297.2
|
|
Other noncurrent
liabilities
|
1,840.0
|
|
1,916.0
|
|
Deferred income
taxes
|
1,050.8
|
|
962.6
|
|
Total Noncurrent
Liabilities
|
10,006.7
|
|
10,308.7
|
|
Total
Liabilities
|
13,024.1
|
|
12,725.4
|
|
Air Products
Shareholders' Equity
|
12,726.2
|
|
12,079.8
|
|
Noncontrolling
Interests
|
408.6
|
|
363.3
|
|
Total
Equity
|
13,134.8
|
|
12,443.1
|
|
Total Liabilities
and Equity
|
$26,158.9
|
|
$25,168.5
|
|
AIR PRODUCTS
AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
Six Months
Ended
|
|
31 March
|
(Millions of
dollars)
|
2021
|
2020
|
Operating
Activities
|
|
|
Net income
|
$963.8
|
|
$979.3
|
|
Less: Net income
attributable to noncontrolling interest of continuing
operations
|
8.7
|
|
25.9
|
|
Net income
attributable to Air Products
|
955.1
|
|
953.4
|
|
(Income) Loss from
discontinued operations
|
(10.3)
|
|
14.3
|
|
Income from
continuing operations attributable to Air Products
|
944.8
|
|
967.7
|
|
Adjustments to
reconcile income to cash provided by operating
activities:
|
|
|
Depreciation and
amortization
|
653.0
|
|
583.9
|
|
Deferred income
taxes
|
76.1
|
|
55.0
|
|
Facility
closure
|
23.2
|
|
—
|
|
Undistributed earnings
of equity method investments
|
(58.7)
|
|
(101.6)
|
|
Gain on sale of assets
and investments
|
(26.2)
|
|
(40.5)
|
|
Share-based
compensation
|
22.4
|
|
26.9
|
|
Noncurrent lease
receivables
|
43.4
|
|
47.1
|
|
Other
adjustments
|
(6.5)
|
|
54.0
|
|
Working capital
changes that provided (used) cash, excluding effects of
acquisitions:
|
|
|
Trade
receivables
|
(74.8)
|
|
(111.9)
|
|
Inventories
|
(25.4)
|
|
(16.5)
|
|
Other
receivables
|
15.7
|
|
(0.7)
|
|
Payables and accrued
liabilities
|
135.7
|
|
(111.8)
|
|
Other working
capital
|
(142.4)
|
|
(113.1)
|
|
Cash Provided by
Operating Activities
|
1,580.3
|
|
1,238.5
|
|
Investing
Activities
|
|
|
Additions to plant
and equipment, including long-term deposits
|
(1,227.8)
|
|
(930.6)
|
|
Investment in and
advances to unconsolidated affiliates
|
(69.8)
|
|
(22.7)
|
|
Proceeds from sale of
assets and investments
|
14.8
|
|
68.0
|
|
Purchases of
investments
|
(569.0)
|
|
—
|
|
Proceeds from
investments
|
1,265.5
|
|
177.0
|
|
Other investing
activities
|
3.1
|
|
1.9
|
|
Cash Used for
Investing Activities
|
(583.2)
|
|
(706.4)
|
|
Financing
Activities
|
|
|
Long-term debt
proceeds
|
92.8
|
|
—
|
|
Payments on long-term
debt
|
(15.9)
|
|
(3.4)
|
|
Net increase
(decrease) in commercial paper and short-term borrowings
|
33.6
|
|
(33.3)
|
|
Dividends paid to
shareholders
|
(592.7)
|
|
(511.7)
|
|
Proceeds from stock
option exercises
|
4.7
|
|
20.2
|
|
Other financing
activities
|
(25.7)
|
|
(9.6)
|
|
Cash Used for
Financing Activities
|
(503.2)
|
|
(537.8)
|
|
Discontinued
Operations
|
|
|
Cash provided by
operating activities
|
6.7
|
|
—
|
|
Cash provided by
investing activities
|
—
|
|
—
|
|
Cash provided by
financing activities
|
—
|
|
—
|
|
Cash Provided by
Discontinued Operations
|
6.7
|
|
—
|
|
Effect of Exchange
Rate Changes on Cash
|
32.7
|
|
(22.9)
|
|
Increase (Decrease)
in cash and cash items
|
533.3
|
|
(28.6)
|
|
Cash and Cash items -
Beginning of Year
|
5,253.0
|
|
2,248.7
|
|
Cash and Cash
items - End of Period
|
$5,786.3
|
|
$2,220.1
|
|
Supplemental Cash
Flow Information
|
|
|
Cash paid for taxes
(net of refunds)
|
$230.5
|
|
$253.5
|
|
AIR PRODUCTS AND
CHEMICALS, INC. and Subsidiaries
SUMMARY BY
BUSINESS SEGMENTS
(Unaudited)
|
|
(Millions of
dollars)
|
Industrial
Gases –
Americas
|
Industrial
Gases –
EMEA
|
Industrial
Gases –
Asia
|
Industrial
Gases –
Global
|
Corporate
and other
|
Total
|
|
Three Months Ended
31 March 2021
|
|
|
|
|
|
|
|
Sales
|
$1,056.1
|
|
$584.6
|
|
$697.5
|
|
$97.9
|
|
$65.9
|
|
$2,502.0
|
|
|
Operating income
(loss)
|
263.4
|
|
139.6
|
|
198.5
|
|
(26.1)
|
|
(40.5)
|
|
534.9
|
|
(A)
|
Depreciation and
amortization
|
153.3
|
|
57.6
|
|
109.7
|
|
2.6
|
|
6.1
|
|
329.3
|
|
|
Equity affiliates'
income
|
32.3
|
|
20.3
|
|
15.5
|
|
1.7
|
|
—
|
|
69.8
|
|
(A)
|
Three Months Ended
31 March 2020
|
|
|
|
|
|
|
|
Sales
|
$932.4
|
|
$492.7
|
|
$658.1
|
|
$79.3
|
|
$53.8
|
|
$2,216.3
|
|
|
Operating income
(loss)
|
268.0
|
|
124.6
|
|
209.1
|
|
(19.8)
|
|
(38.5)
|
|
543.4
|
|
(A)
|
Depreciation and
amortization
|
135.5
|
|
47.6
|
|
104.1
|
|
2.4
|
|
5.1
|
|
294.7
|
|
|
Equity affiliates'
income
|
21.6
|
|
13.5
|
|
13.8
|
|
5.5
|
|
—
|
|
54.4
|
|
(A)
|
|
|
|
|
|
|
|
|
|
Industrial
Gases –
Americas
|
Industrial
Gases –
EMEA
|
Industrial
Gases –
Asia
|
Industrial
Gases –
Global
|
Corporate
and other
|
Total
|
|
Six Months Ended
31 March 2021
|
|
|
|
|
|
|
|
Sales
|
$1,989.1
|
|
$1,147.6
|
|
$1,415.0
|
|
$202.4
|
|
$123.1
|
|
$4,877.2
|
|
|
Operating income
(loss)
|
489.2
|
|
281.1
|
|
413.3
|
|
(30.7)
|
|
(78.9)
|
|
1,074.0
|
|
(A)
|
Depreciation and
amortization
|
305.1
|
|
113.0
|
|
217.6
|
|
5.2
|
|
12.1
|
|
653.0
|
|
|
Equity affiliates'
income
|
54.6
|
|
45.3
|
|
35.4
|
|
3.8
|
|
—
|
|
139.1
|
|
(A)
|
Six Months Ended
31 March 2020
|
|
|
|
|
|
|
|
Sales
|
$1,868.6
|
|
$991.4
|
|
$1,350.9
|
|
$171.9
|
|
$88.2
|
|
$4,471.0
|
|
|
Operating income
(loss)
|
525.2
|
|
245.1
|
|
437.6
|
|
(16.2)
|
|
(87.3)
|
|
1,104.4
|
|
(A)
|
Depreciation and
amortization
|
267.3
|
|
96.0
|
|
205.7
|
|
4.8
|
|
10.1
|
|
583.9
|
|
|
Equity affiliates'
income
|
42.2
|
|
32.8
|
|
30.7
|
|
6.9
|
|
—
|
|
112.6
|
|
(A)
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
|
|
|
|
|
31 March
2021
|
$6,916.3
|
|
$4,176.4
|
|
$7,279.9
|
|
$451.8
|
|
$7,334.5
|
|
$26,158.9
|
|
|
30 September
2020
|
6,610.1
|
|
3,917.0
|
|
6,842.9
|
|
397.8
|
|
7,400.7
|
|
25,168.5
|
|
|
|
|
(A)
|
Refer to the
Reconciliations to Consolidated Results section
below.
|
Reconciliations to Consolidated Results
The table below reconciles total operating income disclosed in
the table above to consolidated operating income as reflected on
our consolidated income statements:
|
Three Months
Ended
|
Six Months
Ended
|
|
31 March
|
31 March
|
Operating
Income
|
2021
|
2020
|
2021
|
2020
|
Total
|
$534.9
|
|
$543.4
|
|
$1,074.0
|
|
$1,104.4
|
|
Facility
closure
|
(23.2)
|
|
—
|
|
(23.2)
|
|
—
|
|
Gain on exchange with
joint venture partner
|
36.8
|
|
—
|
|
36.8
|
|
—
|
|
Company headquarters
relocation income (expense)
|
—
|
|
33.8
|
|
—
|
|
33.8
|
|
Consolidated
Operating Income
|
$548.5
|
|
$577.2
|
|
$1,087.6
|
|
$1,138.2
|
|
The table below reconciles total equity affiliates' income
disclosed in the table above to consolidated equity affiliates'
income as reflected on our consolidated income statements:
|
Three Months
Ended
|
Six Months
Ended
|
|
31 March
|
31 March
|
Equity Affiliates'
Income
|
2021
|
2020
|
2021
|
2020
|
Total
|
$69.8
|
|
$54.4
|
|
$139.1
|
|
$112.6
|
|
India Finance Act
2020
|
—
|
|
33.8
|
|
—
|
|
33.8
|
|
Consolidated
Equity Affiliates' Income
|
$69.8
|
|
$88.2
|
|
$139.1
|
|
$146.4
|
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Millions of dollars unless otherwise indicated, except for per
share data)
We present certain financial measures, other than in accordance
with U.S. generally accepted accounting principles ("GAAP"), on an
"adjusted" or "non-GAAP" basis. On a consolidated basis, these
measures include adjusted diluted earnings per share ("EPS"),
adjusted EBITDA, adjusted EBITDA margin, adjusted effective tax
rate, and capital expenditures. On a segment basis, these measures
include adjusted EBITDA and adjusted EBITDA margin. In addition to
these measures, we also present certain supplemental non-GAAP
financial measures to help the reader understand the impact that
certain disclosed items, or "non-GAAP adjustments," have on the
calculation of our adjusted diluted EPS. For each non-GAAP
financial measure, we present a reconciliation to the most directly
comparable financial measure calculated in accordance with
GAAP.
Our non-GAAP financial measures are not meant to be considered
in isolation or as a substitute for the most directly comparable
measure calculated in accordance with GAAP. We believe these
non-GAAP financial measures provide investors, potential investors,
securities analysts, and others with useful information to evaluate
the performance of our business because such measures, when viewed
together with financial results computed in accordance with GAAP,
provide a more complete understanding of the factors and trends
affecting our historical financial performance and projected future
results.
In many cases, non-GAAP financial measures are determined by
adjusting the most directly comparable GAAP measure to exclude
non-GAAP adjustments that we believe are not representative of our
underlying business performance. For example, we previously
excluded certain expenses associated with cost reduction actions,
impairment charges, and gains on disclosed transactions. The reader
should be aware that we may recognize similar losses or gains in
the future. Readers should also consider the limitations associated
with these non-GAAP financial measures, including the potential
lack of comparability of these measures from one company to
another.
When applicable, the tax impact on our pre-tax non-GAAP
adjustments reflects the expected current and deferred income tax
impact of our non-GAAP adjustments. These tax impacts are primarily
driven by the statutory tax rate of the various relevant
jurisdictions and the taxability of the adjustments in those
jurisdictions.
NON-GAAP ADJUSTMENTS
Our non-GAAP adjustments for the three and six months ended
31 March 2021 are detailed below. For
information related to non-GAAP adjustments for the three and six
months ended 31 March 2020, refer to
Exhibit 99.1 to our Current Report on Form 8-K dated 23 April 2020.
Facility Closure
During the second quarter of
fiscal year 2021, we recorded a charge of $23.2 ($17.4
after-tax, or $0.08 per share)
primarily for a noncash write-down of assets associated with a
contract termination in the Industrial Gases – Americas segment.
This charge is reflected as "Facility closure" on our consolidated
income statements for the three and six months ended 31 March 2021 and was not recorded in segment
results.
Gain On Exchange With Joint
Venture Partner
As of 30
September 2020, we held a 50% ownership interest in Tyczka
Industrie-Gases GmbH ("TIG"), a joint venture in Germany with the Tyczka Group that is
primarily a merchant gases business. We accounted for this
arrangement as an equity method investment in our Industrial Gases
– EMEA segment.
Effective 23 February 2021 (the "acquisition date"), we
agreed with our joint venture partner to separate TIG into two
separate businesses. On the acquisition date, we acquired a
portion of the business on a 100% basis, and our partner paid
us $10.8 to acquire the rest of the
business. The exchange resulted in a gain of $36.8 ($27.3
after-tax, or $0.12 per share), which
is reflected as "Gain on exchange with joint venture partner" on
our consolidated income statements for the three and six months
ended 31 March 2021. The gain
included $12.7 from the revaluation
of our previously held equity interest in the portion of the
business that we retained and $24.1
from the sale of our equity interest in the remaining business. The
gain was not recorded in segment results.
We accounted for the acquisition
as a business combination within our Industrial Gases – EMEA
segment. The results of this business did not materially impact our
consolidated income statements for the periods presented.
Discontinued Operations
During the first quarter of fiscal
year 2021, we recorded net income from discontinued operations of
$10.3 ($0.05 per share), primarily from the settlement
of a state tax appeal related to the gain on the sale of our former
Performance Materials Division in fiscal year 2017.
ADJUSTED DILUTED EPS
The table below provides a reconciliation to the most directly
comparable GAAP measure for each of the major components used to
calculate adjusted diluted EPS from continuing operations, which we
view as a key performance metric. In periods that we have non-GAAP
adjustments, we believe it is important for the reader to
understand the per share impact of each such adjustment because
management does not consider these impacts when evaluating
underlying business performance. The per share impact for each
non-GAAP adjustment was calculated independently and may not sum to
total adjusted diluted EPS due to rounding.
|
|
|
|
|
|
|
Three Months Ended 31
March
|
Q2 2021 vs. Q2
2020
|
Operating
Income
|
Equity
Affiliates'
Income
|
Income Tax
Provision
|
Net Income
Attributable
to
Air
Products
|
Diluted
EPS
|
2021 GAAP
|
$548.5
|
|
$69.8
|
|
$121.9
|
|
$473.1
|
|
$2.13
|
|
2020 GAAP
|
577.2
|
|
88.2
|
|
148.5
|
|
492.1
|
|
2.21
|
|
Change
GAAP
|
|
|
|
|
($0.08)
|
|
% Change
GAAP
|
|
|
|
|
(4)
|
%
|
|
|
|
|
|
|
2021 GAAP
|
$548.5
|
|
$69.8
|
|
$121.9
|
|
$473.1
|
|
$2.13
|
|
Facility
closure
|
23.2
|
|
—
|
|
5.8
|
|
17.4
|
|
0.08
|
|
Gain on exchange with
joint venture partner
|
(36.8)
|
|
—
|
|
(9.5)
|
|
(27.3)
|
|
(0.12)
|
|
2021 Non-GAAP
("Adjusted")
|
$534.9
|
|
$69.8
|
|
$118.2
|
|
$463.2
|
|
$2.08
|
|
|
|
|
|
|
|
2020 GAAP
|
$577.2
|
|
$88.2
|
|
$148.5
|
|
$492.1
|
|
$2.21
|
|
Company headquarters
relocation (income) expense
|
(33.8)
|
|
—
|
|
(8.2)
|
|
(25.6)
|
|
(0.12)
|
|
India Finance Act
2020
|
—
|
|
(33.8)
|
|
(20.3)
|
|
(13.5)
|
|
(0.06)
|
|
2020 Non-GAAP
("Adjusted")
|
$543.4
|
|
$54.4
|
|
$120.0
|
|
$453.0
|
|
$2.04
|
|
Change Non-GAAP
("Adjusted")
|
|
|
|
|
$0.04
|
|
% Change Non-GAAP
("Adjusted")
|
|
|
|
|
2
|
%
|
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
We define adjusted EBITDA as net income less income (loss) from
discontinued operations, net of tax, and excluding non-GAAP
adjustments, which we do not believe to be indicative of underlying
business trends, before interest expense, other non-operating
income (expense), net, income tax provision, and depreciation and
amortization expense. Adjusted EBITDA and adjusted EBITDA margin
provide useful metrics for management to assess operating
performance. Margins are calculated independently for each period
by dividing each line item by consolidated sales for the respective
period and may not sum to total margin due to rounding.
The tables below present consolidated sales and a reconciliation
of net income on a GAAP basis to adjusted EBITDA and net income
margin on a GAAP basis to adjusted EBITDA margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q2 YTD
Total
|
2021
|
$
|
Margin
|
|
$
|
Margin
|
|
$
|
Margin
|
|
$
|
Margin
|
|
$
|
Margin
|
Sales
|
$2,375.2
|
|
|
|
$2,502.0
|
|
|
|
|
|
|
|
|
|
$4,877.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income and Net
income margin
|
$486.7
|
|
20.5
|
%
|
|
$477.1
|
|
19.1
|
%
|
|
|
|
|
|
|
|
$963.8
|
|
19.8
|
%
|
Less: Income from
discontinued
operations, net of tax
|
10.3
|
|
0.4
|
%
|
|
—
|
|
—
|
%
|
|
|
|
|
|
|
|
10.3
|
|
0.2
|
%
|
Add: Interest
expense
|
36.7
|
|
1.5
|
%
|
|
36.1
|
|
1.4
|
%
|
|
|
|
|
|
|
|
72.8
|
|
1.5
|
%
|
Less: Other
non-operating income
(expense), net
|
18.6
|
|
0.8
|
%
|
|
16.8
|
|
0.7
|
%
|
|
|
|
|
|
|
|
35.4
|
|
0.7
|
%
|
Add: Income tax
provision
|
113.9
|
|
4.8
|
%
|
|
121.9
|
|
4.9
|
%
|
|
|
|
|
|
|
|
235.8
|
|
4.8
|
%
|
Add: Depreciation and
amortization
|
323.7
|
|
13.6
|
%
|
|
329.3
|
|
13.2
|
%
|
|
|
|
|
|
|
|
653.0
|
|
13.4
|
%
|
Add: Facility
closure
|
—
|
|
—
|
%
|
|
23.2
|
|
0.9
|
%
|
|
|
|
|
|
|
|
23.2
|
|
0.5
|
%
|
Less: Gain on
exchange with joint
venture partner
|
—
|
|
—
|
%
|
|
36.8
|
|
1.5
|
%
|
|
|
|
|
|
|
|
36.8
|
|
0.8
|
%
|
Adjusted EBITDA
and Adjusted
EBITDA margin
|
$932.1
|
|
39.2
|
%
|
|
$934.0
|
|
37.3
|
%
|
|
|
|
|
|
|
|
$1,866.1
|
|
38.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q2 YTD
Total
|
2020
|
$
|
Margin
|
|
$
|
Margin
|
|
$
|
Margin
|
|
$
|
Margin
|
|
$
|
Margin
|
Sales
|
$2,254.7
|
|
|
|
$2,216.3
|
|
|
|
$2,065.2
|
|
|
|
$2,320.1
|
|
|
|
$4,471.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income and Net
income margin
|
$488.9
|
|
21.7
|
%
|
|
$490.4
|
|
22.1
|
%
|
|
$457.1
|
|
22.1
|
%
|
|
$494.7
|
|
21.3
|
%
|
|
$979.3
|
|
21.9
|
%
|
Less: Loss from
discontinued
operations, net of tax
|
—
|
|
—
|
%
|
|
(14.3)
|
|
(0.6)
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
(14.3)
|
|
(0.3)
|
%
|
Add: Interest
expense
|
18.7
|
|
0.8
|
%
|
|
19.3
|
|
0.9
|
%
|
|
32.1
|
|
1.6
|
%
|
|
39.2
|
|
1.7
|
%
|
|
38.0
|
|
0.9
|
%
|
Less: Other
non-operating income
(expense), net
|
9.1
|
|
0.4
|
%
|
|
7.1
|
|
0.3
|
%
|
|
8.1
|
|
0.4
|
%
|
|
6.4
|
|
0.3
|
%
|
|
16.2
|
|
0.4
|
%
|
Add: Income tax
provision
|
120.7
|
|
5.4
|
%
|
|
148.5
|
|
6.7
|
%
|
|
109.3
|
|
5.3
|
%
|
|
99.9
|
|
4.3
|
%
|
|
269.2
|
|
6.0
|
%
|
Add: Depreciation and
amortization
|
289.2
|
|
12.8
|
%
|
|
294.7
|
|
13.3
|
%
|
|
290.6
|
|
14.1
|
%
|
|
310.5
|
|
13.4
|
%
|
|
583.9
|
|
13.1
|
%
|
Less: Company
headquarters
relocation income (expense)
|
—
|
|
—
|
%
|
|
33.8
|
|
1.5
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
33.8
|
|
0.8
|
%
|
Less: India Finance
Act 2020 -
equity affiliate income impact
|
—
|
|
—
|
%
|
|
33.8
|
|
1.5
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
33.8
|
|
0.8
|
%
|
Adjusted EBITDA
and Adjusted
EBITDA margin
|
$908.4
|
|
40.3
|
%
|
|
$892.5
|
|
40.3
|
%
|
|
$881.0
|
|
42.7
|
%
|
|
$937.9
|
|
40.4
|
%
|
|
$1,800.9
|
|
40.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 vs.
2020
|
Q1
|
|
Q2
|
|
|
|
|
|
Q2 YTD
Total
|
Change
GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income $
change
|
($2.2)
|
|
($13.3)
|
|
|
|
|
|
($15.5)
|
Net income %
change
|
—%
|
|
(3%)
|
|
|
|
|
|
(2%)
|
Net income margin
change
|
(120) bp
|
|
(300) bp
|
|
|
|
|
|
(210) bp
|
Change
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA $
change
|
$23.7
|
|
$41.5
|
|
|
|
|
|
$65.2
|
Adjusted EBITDA %
change
|
3%
|
|
5%
|
|
|
|
|
|
4%
|
Adjusted EBITDA margin
change
|
(110) bp
|
|
(300) bp
|
|
|
|
|
|
(200) bp
|
The tables below present sales and a reconciliation of operating
income and operating margin to adjusted EBITDA and adjusted EBITDA
margin for each of our regional industrial gases segments for the
three months ended 31 March 2021 and
2020:
Sales
|
Industrial
Gases–
Americas
|
Industrial
Gases–
EMEA
|
Industrial
Gases–
Asia
|
Q2 2021
|
$1,056.1
|
|
$584.6
|
|
$697.5
|
|
Q2 2020
|
932.4
|
|
492.7
|
|
658.1
|
|
|
|
|
|
|
Industrial
Gases–
Americas
|
Industrial
Gases–
EMEA
|
Industrial
Gases–
Asia
|
Q2 2021
GAAP
|
|
|
|
Operating
income
|
$263.4
|
|
$139.6
|
|
$198.5
|
|
Operating
margin
|
24.9
|
%
|
23.9
|
%
|
28.5
|
%
|
Q2 2020
GAAP
|
|
|
|
Operating
income
|
$268.0
|
|
$124.6
|
|
$209.1
|
|
Operating
margin
|
28.7
|
%
|
25.3
|
%
|
31.8
|
%
|
Q2 2021 vs. Q2
2020 Change GAAP
|
|
|
|
Operating income $
change
|
($4.6)
|
|
$15.0
|
|
($10.6)
|
|
Operating income %
change
|
(2)
|
%
|
12
|
%
|
(5)
|
%
|
Operating margin
change
|
(380)
|
bp
|
(140)
|
bp
|
(330)
|
bp
|
|
|
|
|
Q2 2021
Non-GAAP
|
|
|
|
Operating
income
|
$263.4
|
|
$139.6
|
|
$198.5
|
|
Add: Depreciation and
amortization
|
153.3
|
|
57.6
|
|
109.7
|
|
Add: Equity
affiliates' income
|
32.3
|
|
20.3
|
|
15.5
|
|
Adjusted
EBITDA
|
$449.0
|
|
$217.5
|
|
$323.7
|
|
Adjusted EBITDA
margin
|
42.5
|
%
|
37.2
|
%
|
46.4
|
%
|
Q2 2020
Non-GAAP
|
|
|
|
Operating
income
|
$268.0
|
|
$124.6
|
|
$209.1
|
|
Add: Depreciation and
amortization
|
135.5
|
|
47.6
|
|
104.1
|
|
Add: Equity
affiliates' income
|
21.6
|
|
13.5
|
|
13.8
|
|
Adjusted
EBITDA
|
$425.1
|
|
$185.7
|
|
$327.0
|
|
Adjusted EBITDA
margin
|
45.6
|
%
|
37.7
|
%
|
49.7
|
%
|
Q2 2021 vs. Q2
2020 Change Non-GAAP
|
|
|
|
Adjusted EBITDA $
change
|
$23.9
|
|
$31.8
|
|
($3.3)
|
|
Adjusted EBITDA %
change
|
6
|
%
|
17
|
%
|
(1)
|
%
|
Adjusted EBITDA
margin change
|
(310)
|
bp
|
(50)
|
bp
|
(330)
|
bp
|
ADJUSTED EFFECTIVE TAX RATE
The effective tax rate equals the income tax provision divided
by income from continuing operations before taxes.
The tax impact of our pre-tax non-GAAP adjustments reflects the
expected current and deferred income tax expense associated with
each adjustment and is primarily dependent upon the statutory tax
rate of the various relevant jurisdictions and the taxability of
the adjustments in those jurisdictions.
|
Three Months
Ended
31 March
|
|
2021
|
2020
|
Income Tax
Provision
|
$121.9
|
|
$148.5
|
|
Income From
Continuing Operations Before Taxes
|
$599.0
|
|
$653.2
|
|
Effective Tax
Rate
|
20.4
|
%
|
22.7
|
%
|
|
|
|
Income Tax
Provision
|
$121.9
|
|
$148.5
|
|
Facility
closure
|
5.8
|
|
—
|
|
Gain on exchange with
joint venture partner
|
(9.5)
|
|
—
|
|
Company headquarters
relocation
|
—
|
|
(8.2)
|
|
India Finance Act
2020
|
—
|
|
(20.3)
|
|
Adjusted Income Tax
Provision
|
$118.2
|
|
$120.0
|
|
|
|
|
Income From
Continuing Operations Before Taxes
|
$599.0
|
|
$653.2
|
|
Facility
closure
|
23.2
|
|
—
|
|
Gain on exchange with
joint venture partner
|
(36.8)
|
|
—
|
|
Company headquarters
relocation (income) expense
|
—
|
|
(33.8)
|
|
India Finance Act 2020
- equity affiliate income impact
|
—
|
|
(33.8)
|
|
Adjusted Income From
Continuing Operations Before Taxes
|
$585.4
|
|
$585.6
|
|
Adjusted Effective
Tax Rate
|
20.2
|
%
|
20.5
|
%
|
CAPITAL EXPENDITURES
We define capital expenditures as cash flows for additions to
plant and equipment, acquisitions (less cash acquired), and
investment in and advances to unconsolidated affiliates. A
reconciliation of cash used for investing activities to our
reported capital expenditures is provided below:
|
Six Months
Ended
|
|
31 March
|
|
2021
|
2020
|
Cash used for
investing activities
|
$583.2
|
|
$706.4
|
|
Proceeds from sale of
assets and investments
|
14.8
|
|
68.0
|
|
Purchases of
investments
|
(569.0)
|
|
—
|
|
Proceeds from
investments
|
1,265.5
|
|
177.0
|
|
Other investing
activities
|
3.1
|
|
1.9
|
|
Capital
expenditures
|
$1,297.6
|
|
$953.3
|
|
The components of our capital expenditures are detailed in the
table below:
|
Six Months
Ended
|
|
31 March
|
|
2021
|
2020
|
Additions to plant
and equipment
|
$1,227.8
|
|
$930.6
|
|
Acquisitions, less
cash acquired
|
—
|
|
—
|
|
Investment in and
advances to unconsolidated affiliates
|
69.8
|
|
22.7
|
|
Capital
expenditures
|
$1,297.6
|
|
$953.3
|
|
We expect capital expenditures for fiscal year 2021 to be
approximately $2.5 billion. This
guidance does not include the Jazan transaction.
It is not possible, without unreasonable efforts, to reconcile
our forecasted capital expenditures to future cash used for
investing activities because we are unable to identify the timing
or occurrence of our future investment activity, which is driven by
our assessment of competing opportunities at the time we enter into
transactions. These decisions, either individually or in the
aggregate, could have a significant effect on our cash used for
investing activities.
OUTLOOK
The guidance provided below does not include the Jazan
transaction or the expected restart of the Lu'An facility. This
guidance is provided on an adjusted continuing operations basis and
is compared to adjusted historical diluted EPS. These adjusted
measures exclude the impact of certain items that we believe are
not representative of our underlying business performance, such as
the incurrence of additional costs for cost reduction actions and
impairment charges, or the recognition of gains or losses on
disclosed items. It is not possible, without unreasonable efforts,
to identify the timing or occurrence of these events or the
potential for other transactions that may impact future GAAP EPS.
Furthermore, it is not possible to identify the potential
significance of these events in advance, but any of these events,
if they were to occur, could have a significant effect on our
future GAAP EPS. Accordingly, management is unable to reconcile,
without unreasonable effort, the Company's forecasted range of
adjusted EPS on a continuing operations basis to a comparable GAAP
range. The per share impact for each non-GAAP adjustment was
calculated independently and may not sum to total adjusted diluted
EPS due to rounding.
|
|
|
|
|
|
|
Diluted
EPS
|
|
|
Q3
|
|
Full Year
|
2020 Diluted
EPS
|
|
$2.01
|
|
$8.55
|
Company headquarters
relocation (income) expense
|
|
—
|
|
(0.12)
|
India Finance Act
2020
|
|
—
|
|
(0.06)
|
2020 Adjusted Diluted
EPS
|
|
$2.01
|
|
$8.38
|
2021 Adjusted Diluted
EPS Outlook
|
|
2.30–2.40
|
|
8.95–9.10
|
Change
|
|
0.29–0.39
|
|
0.57–0.72
|
% Change
|
|
14%–19%
|
|
7%–9%
|
View original
content:http://www.prnewswire.com/news-releases/air-products-reports-fiscal-2021-second-quarter-gaap-eps-of-2-13-and-adjusted-eps-of-2-08--301287359.html
SOURCE Air Products