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business-intelligence-financial-air-products-q1-2015
business-intelligence-financial-air-products-q1-2015

Business Intelligence Financial – Air Products – Q1 2015

gasworld’s Business Intelligence provides you with the latest analysis of Air Products’ Q1 2015 earnings reports.

  • Total reported sales down -6% at $2.4bn after nearly three years of growth.
  • Operating Income again showed strong growth, +15% YoY, continuing acceleration over recent quarters. Driven by improved volumes and pricing (around half), and costs reduction and efficiency (also around half).

  • Operating margin continued improving trend of recent quarters and was up over 300 basis points YoY – highest operating margin in over 25 years. Helped by top line impact of lower energy cost pass-through.
  • Selling and admin costs again down, -8% YoY.
  • R&D expenditure growth accelerated to +10%.
  • Further charge of $55m for restructuring and cost reduction.
  • New focus on EBITDA reflected in +10% growth YoY in Q1 and 440 basis points improvement in EBITDA margin to over 29% of sales.
  • Free cash flow improved significantly YoY.
  • EPS up +17% YoY. FY2015 EPS projected to rise by +10% to +13%.

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