Air Products & Chemicals (APD) FY2019 results: revenue $8.9 billion, down 0.1% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $8.9 billion for fiscal 2019, the year ended 30 September 2019, down 0.1% on the year before. Net income was $1.8 billion, up 17.5%, and diluted earnings per share $7.94. The figures are the company's own, from the 10-K it filed with the SEC on 26 November 2019.
Revenue
$8.9 billion
-0.1% on the year
FY2012FY2019
Operating margin
24.0%
22.0% a year earlier
FY2012FY2019
Net income
$1.8 billion
+17.5% on the year
FY2012FY2019
Diluted EPS
$7.94
+17.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
8,919
8,930
8,188
-0.1%
Cost of revenue
5,976
6,190
5,753
-3.5%
Gross profit
2,914
2,741
2,434
+6.3%
Gross margin
32.7%
30.7%
29.7%
Research and development
72.9
64.5
57.6
+13.0%
Selling, general and administrative
750
761
714
-1.4%
Operating income
2,144
1,966
1,440
+9.1%
Operating margin
24.0%
22.0%
17.6%
Interest expense
137
130
121
+5.0%
Pre-tax income
2,290
2,015
1,416
+13.6%
Income tax
480
524
261
-8.4%
Effective tax rate
21.0%
26.0%
18.4%
Net income
1,760
1,498
3,000
+17.5%
Net margin
19.7%
16.8%
36.6%
Diluted EPS
$7.94
$6.78
$13.65
+17.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,970
2,534
1,562
+17.2%
Capital expenditure
1,990
1,568
1,040
+26.9%
Free cash flow
980
966
522
+1.5%
Free cash flow margin
11.0%
10.8%
6.4%
Depreciation and amortisation
1,083
971
866
+11.5%
Share-based compensation
41.2
38.8
39.9
+6.2%
Dividends paid
994
898
788
+10.7%
Dividend per share
$4.58
$4.25
$3.71
+7.8%
Diluted shares, weighted
222m
221m
220m
+0.4%
Shares outstanding at period end
220m
220m
218m
+0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
11,054
10,858
10,086
+1.8%
Non-controlling interest
335
319
99.3
+5.0%
Debt
3,326
3,813
3,963
-12.8%
Other liabilities
4,228
4,189
4,319
+0.9%
Total liabilities and equity
18,943
19,178
18,467
-1.2%
Fixed assets
10,338
9,924
8,440
+4.2%
Goodwill
797
789
722
+1.0%
Intangible assets
420
438
368
-4.3%
Investments
166
185
404
-10.1%
Cash and equivalents
2,249
2,791
3,274
-19.4%
Receivables
1,260
1,207
1,174
+4.4%
Inventory
388
396
335
-2.0%
Other assets
3,325
3,448
3,750
-3.6%
Total assets
18,943
19,178
18,467
-1.2%
10-K for the year ended 30 September 2019, filed 26 November 2019: the filing.