Air Products (NYSE: APD), Lehigh Valley, PA, reported sales for the first quarter ended Dec. 31, 2016, were $1.9 billion, up 1 percent from the prior year. On a GAAP basis, profit from continuing operations was $251.6 million, down 10.4 percent year-over-year.
First quarter sales rose on higher volumes (2 percentage points) and favorable energy pass-through (2 percentage points), partially offset by unfavorable foreign exchange (3 percentage points).
Industrial gases – Americas sales of $864 million increased 3 percent versus prior year. Segment operating margin of 25.9 percent improved 60 basis points, and adjusted EBITDA margin of 40.5 percent improved 40 basis points over prior year. Excluding energy pass-through, operating margin increased 150 basis points.
Industrial gases – EMEA sales of $400 million declined 9 percent versus last year. Segment operating income of $88 million and adjusted EBITDA of $140 million both decreased five percent from the prior year. Segment operating margin of 22 percent increased 100 basis points and adjusted EBITDA margin of 35.0 percent increased 160 basis points over the prior year, driven by productivity actions.
Industrial gases – Asia sales of $438 million increased 6 percent versus prior year. Segment operating income of $118 million increased 1 percent and adjusted EBITDA of $178 million decreased one percent.
