Air Products & Chemicals (APD) FY2017 results: revenue $8.2 billion, up 9.1% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $8.2 billion for fiscal 2017, the year ended 30 September 2017, up 9.1% on the year before. Net income was $3.0 billion, up 375.4%, and diluted earnings per share $13.65. The figures are the company's own, from the 10-K it filed with the SEC on 20 November 2018.
Revenue
$8.2 billion
+9.1% on the year
FY2010FY2017
Operating margin
17.6%
20.5% a year earlier
FY2010FY2017
Net income
$3.0 billion
+375.4% on the year
FY2010FY2017
Diluted EPS
$13.65
+372.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
8,188
7,504
7,824
+9.1%
Cost of revenue
5,753
5,177
5,598
+11.1%
Gross profit
2,434
2,327
2,226
+4.6%
Gross margin
29.7%
31.0%
28.5%
Research and development
57.6
71.8
76.4
-19.8%
Selling, general and administrative
714
684
773
+4.3%
Operating income
1,440
1,535
1,233
-6.2%
Operating margin
17.6%
20.5%
15.8%
Interest expense
121
115
103
+4.7%
Pre-tax income
1,416
1,555
1,266
-8.9%
Income tax
261
433
300
-39.7%
Effective tax rate
18.4%
27.8%
23.7%
Net income
3,000
631
1,278
+375.4%
Net margin
36.6%
8.4%
16.3%
Diluted EPS
$13.65
$2.89
$5.88
+372.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,562
2,661
2,470
-41.3%
Capital expenditure
1,040
908
1,162
+14.5%
Free cash flow
522
1,753
1,307
-70.2%
Free cash flow margin
6.4%
23.4%
16.7%
Depreciation and amortisation
866
855
858
+1.3%
Share-based compensation
39.9
31.0
39.5
+28.7%
Buybacks
n/a
n/a
0.0
Dividends paid
788
721
678
+9.2%
Dividend per share
$3.71
$3.39
$3.20
+9.4%
Diluted shares, weighted
220m
218m
217m
+0.7%
Shares outstanding at period end
218m
217m
215m
+0.5%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
10,086
7,080
7,249
+42.5%
Non-controlling interest
99.3
134
132
-25.8%
Redeemable equity
n/a
n/a
0.0
Debt
3,963
5,211
5,879
-24.0%
Other liabilities
4,319
5,631
4,056
-23.3%
Total liabilities and equity
18,467
18,055
17,317
+2.3%
Fixed assets
8,440
8,260
8,237
+2.2%
Goodwill
722
845
837
-14.6%
Intangible assets
368
388
398
-5.1%
Investments
404
0.0
n/a
Cash and equivalents
3,274
1,293
183
+153.1%
Receivables
1,174
1,146
1,126
+2.4%
Inventory
335
255
288
+31.5%
Other assets
3,750
5,868
6,246
-36.1%
Total assets
18,467
18,055
17,317
+2.3%
10-K for the year ended 30 September 2017, filed 20 November 2018: the filing.