Air Products (NYSE: APD) has reported its fiscal 2025 second-quarter results, revealing a loss per share of $7.77 and a net loss of $1.7 billion. These figures are in stark contrast to the prior year's results, which saw earnings per share of $2.57 and a net income of $581 million.
On a non-GAAP basis, the company's adjusted earnings per share came in at $2.69, marking a six percent decrease from the previous year, with adjusted EBITDA amounting to $1.2 billion, down three percent from the same period in the prior year.
The second-quarter sales remained flat at $2.9 billion, with a four percent increase in energy cost pass-through and one percent higher pricing being offset by a three percent decline in volumes and two percent unfavorable currency impact.
Breaking down the results by business segment: Americas sales stood at $1.3 billion, up three percent from the prior year, with operating income decreasing two percent to $366 million. Asia sales decreased one percent to $774 million, while operating income decreased six percent to $191 million. Europe sales increased nine percent to $727 million, with operating income decreasing three percent to $196 million. Middle East and India equity affiliates' income rose six percent to $78 million. * Corporate and other sales decreased 53 percent to $95 million, with operating loss increasing 35% compared to the prior year.
Looking ahead, Air Products has revised its full-year fiscal 2025 adjusted EPS guidance to a range of $11.85 to $12.15 and expects capital expenditures of approximately $5 billion for the fiscal year.
These results come amidst strategic initiatives, including the exit of three U.S. projects, such as the world energy sustainable aviation fuel expansion project in Paramount, California, the green liquid hydrogen project in Massena, New York, and the carbon monoxide project in Texas, which led to charges of approximately $2.9 billion.
Air Products continues to evaluate strategic opportunities across the company that could result in additional costs for business and asset actions in future periods.
The company is set to host a fiscal 2025 second-quarter earnings teleconference on May 1, 2025, for further insights into the results and outlook. As a result of these announcements, the company's shares have moved -2.2% on the market, and are now trading at a price of $265.19. Check out the company's full 8-K submission here.
