Air Products & Chemicals (APD) FY2018 results: revenue $8.9 billion, up 9.1% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $8.9 billion for fiscal 2018, the year ended 30 September 2018, up 9.1% on the year before. Net income was $1.5 billion, down 50.1%, and diluted earnings per share $6.78. The figures are the company's own, from the 10-K it filed with the SEC on 20 November 2018.
Revenue
$8.9 billion
+9.1% on the year
FY2011FY2018
Operating margin
22.0%
17.6% a year earlier
FY2011FY2018
Net income
$1.5 billion
-50.1% on the year
FY2011FY2018
Diluted EPS
$6.78
-50.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
8,930
8,188
7,504
+9.1%
Cost of revenue
6,190
5,753
5,177
+7.6%
Gross profit
2,741
2,434
2,327
+12.6%
Gross margin
30.7%
29.7%
31.0%
Research and development
64.5
57.6
71.8
+12.0%
Selling, general and administrative
761
714
684
+6.6%
Operating income
1,966
1,440
1,535
+36.5%
Operating margin
22.0%
17.6%
20.5%
Interest expense
130
121
115
+8.2%
Pre-tax income
2,015
1,416
1,555
+42.3%
Income tax
524
261
433
+101.0%
Effective tax rate
26.0%
18.4%
27.8%
Net income
1,498
3,000
631
-50.1%
Net margin
16.8%
36.6%
8.4%
Diluted EPS
$6.78
$13.65
$2.89
-50.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,534
1,562
2,661
+62.2%
Capital expenditure
1,568
1,040
908
+50.9%
Free cash flow
966
522
1,753
+84.9%
Free cash flow margin
10.8%
6.4%
23.4%
Depreciation and amortisation
971
866
855
+12.1%
Share-based compensation
38.8
39.9
31.0
-2.8%
Dividends paid
898
788
721
+13.9%
Dividend per share
$4.25
$3.71
$3.39
+14.6%
Diluted shares, weighted
221m
220m
218m
+0.5%
Shares outstanding at period end
220m
218m
217m
+0.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
10,858
10,086
7,080
+7.6%
Non-controlling interest
319
99.3
134
+221.0%
Debt
3,813
3,963
5,211
-3.8%
Other liabilities
4,189
4,319
5,631
-3.0%
Total liabilities and equity
19,178
18,467
18,055
+3.9%
Fixed assets
9,924
8,440
8,260
+17.6%
Goodwill
789
722
845
+9.3%
Intangible assets
438
368
388
+19.1%
Investments
185
404
0.0
-54.3%
Cash and equivalents
2,791
3,274
1,293
-14.7%
Receivables
1,207
1,174
1,146
+2.8%
Inventory
396
335
255
+18.1%
Other assets
3,448
3,750
5,868
-8.1%
Total assets
19,178
18,467
18,055
+3.9%
10-K for the year ended 30 September 2018, filed 20 November 2018: the filing.