Reporting its fiscal first quarter (Q1) of 2021 results, Air Products today (4th Feb) confirmed increased sales in Asia, Europe the Middle East and Africa, as well as flat sales in the Americas, versus the prior year.
“With our strong portfolio, we are able to meet customers’ and countries’ drive for cleaner and more sustainable solutions,” said Seifi Ghasemi, Air Product’s Chairman, President and CEO as he reflected on the results.
“From our position of financial strength, we continued to execute our growth strategy focused on industrial gas projects that address significant energy and environmental challenges.”
Sales in Asia of $718m increased 4% from the prior year on 6% favourable currency and 1% each higher pricing and energy-pass through. Volumes decreased 4%, primarily from a reduced contribution from Lu’An, while the merchant business remained stable.
Operating income of $215m decreased 6%, primarily due to Lu’An, and operating margin of 29.9% decreased 310 basis points. Adjusted EBITDA of $343m decreased 1%, primarily due to Lu’An, and adjusted EBITDA margin of 47.7% decreased 240 basis points.
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