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business-intelligence-financial-air-products-q4-2015
business-intelligence-financial-air-products-q4-2015

Business Intelligence Financial – Air Products – Q4 2015

gasworld Business Intelligence provides you with the latest analysis of Air Products’ Q4 2015 earnings report.

Headlines

  • Total reported sales again down -8% at $2.36bn YoY.
  • Operating income at $519m – returned growth to 17% YoY, its best performance in nearly five years.

  • Operating margin at 22% continued improving trend of last two years, and was up 460bp YoY and reached its highest rate in over 25 years.
  • Equity affiliates income (highest amongst peers) down -22% YoY in Q4, largely driven by currency.
  • Selling and admin costs down -8% YoY, reflecting recent actions – while cost of sales were down over -13%.
  • Further charge of $12m for business separation costs (Materials Technologies), and $14m for project suspension costs (UK Energy to Waste project).
  • Focus on EBITDA reflected in 9% growth YoY in CYQ4, and 520bp improvement in EBITDA margin to over 33% of sales.
  • Reported ROCE up 160 bp, at 11.7%.
  • Free cash flow again solidly higher in Q4, with lower capex and higher EBITDA.
  • EPS up 15% YoY in first quarter of FY2016.
  • Proceeding on schedule with spin off Materials Technoloies business during FY2016.
  • EPS outlook for FY2016 unchanged at $7.25-7.50 (up 10-14% vs FY2015).

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