Air Products & Chemicals (APD) FY2016 results: revenue $7.5 billion, down 4.1% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $7.5 billion for fiscal 2016, the year ended 30 September 2016, down 4.1% on the year before. Net income was $631 million, down 50.6%, and diluted earnings per share $2.89. The figures are the company's own, from the 10-K it filed with the SEC on 20 November 2018.
Revenue
$7.5 billion
-4.1% on the year
FY2009FY2016
Operating margin
20.5%
15.8% a year earlier
FY2009FY2016
Net income
$631 million
-50.6% on the year
FY2009FY2016
Diluted EPS
$2.89
-50.9% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
7,504
7,824
8,384
-4.1%
Cost of revenue
5,177
5,598
6,208
-7.5%
Gross profit
2,327
2,226
2,176
+4.5%
Gross margin
31.0%
28.5%
26.0%
Research and development
71.8
76.4
78.5
-6.0%
Selling, general and administrative
684
773
892
-11.5%
Operating income
1,535
1,233
924
+24.5%
Operating margin
20.5%
15.8%
11.0%
Interest expense
115
103
124
+12.1%
Pre-tax income
1,555
1,266
949
+22.8%
Income tax
433
300
258
+44.1%
Effective tax rate
27.8%
23.7%
27.2%
Net income
631
1,278
992
-50.6%
Net margin
8.4%
16.3%
11.8%
Diluted EPS
$2.89
$5.88
$4.61
-50.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
2,661
2,470
2,187
+7.7%
Capital expenditure
908
1,162
1,299
-21.9%
Free cash flow
1,753
1,307
888
+34.1%
Free cash flow margin
23.4%
16.7%
10.6%
Depreciation and amortisation
855
858
876
-0.5%
Share-based compensation
31.0
39.5
38.0
-21.5%
Buybacks
n/a
0.0
0.0
Dividends paid
721
678
628
+6.5%
Dividend per share
$3.39
$3.20
$3.02
+5.9%
Diluted shares, weighted
218m
217m
215m
+0.5%
Shares outstanding at period end
217m
215m
214m
+0.9%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
7,080
7,249
7,366
-2.3%
Non-controlling interest
134
132
156
+1.3%
Redeemable equity
n/a
0.0
287
Debt
5,211
5,879
6,118
-11.4%
Other liabilities
5,631
4,056
3,720
+38.8%
Total liabilities and equity
18,055
17,317
17,648
+4.3%
Fixed assets
8,260
8,237
8,442
+0.3%
Goodwill
845
837
922
+1.0%
Intangible assets
388
398
616
-2.6%
Investments
0.0
n/a
n/a
Cash and equivalents
1,293
183
285
+606.3%
Receivables
1,146
1,126
1,486
+1.8%
Inventory
255
288
706
-11.5%
Other assets
5,868
6,246
5,190
-6.1%
Total assets
18,055
17,317
17,648
+4.3%
10-K for the year ended 30 September 2016, filed 20 November 2018: the filing.