Air Products announced its fiscal 2016 first quarter results today, highlighting a net income of $387m, up 15% versus the year prior.
Air Products’ operating income was up 17% to $519m compared to the previous year, and record operating margin of 22% improved by 460 basis points. Adjusted EBITDA of $786m increased 9% over the prior year, and record EBITDA margin of 33.4% improved 520 basis points. The company assigns this profit improvement to a good cost performance and higher pricing.
But the financial first quarter, which ended on 31st December 2015, showed sales totalled $2.4bn – an 8% decrease from the previous year. The company attributes this to an “unfavourable currency” and a lower energy pass-through of 5% each more than the offset volume.
Seifi Ghasemi, Chairman, President and CEO of the Tier One company, commented on the quarter and said, “The Air Products teams around the world continue to execute our five-point plan and control what they can control, regardless of challenging economic conditions and currency headwinds. You can see their focus and commitment reflected in our very strong financial results.”
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