Air Products & Chemicals (APD) FY2020 results: revenue $8.9 billion, down 0.7% on the year
Air Products & Chemicals, Inc. (APD) reported revenue of $8.9 billion for fiscal 2020, the year ended 30 September 2020, down 0.7% on the year before. Net income was $1.9 billion, up 7.2%, and diluted earnings per share $8.49. The figures are the company's own, from the 10-K it filed with the SEC on 19 November 2020.
Revenue
$8.9 billion
-0.7% on the year
FY2013FY2020
Operating margin
25.3%
24.0% a year earlier
FY2013FY2020
Net income
$1.9 billion
+7.2% on the year
FY2013FY2020
Diluted EPS
$8.49
+6.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,856
8,919
8,930
-0.7%
Cost of revenue
5,858
5,976
6,190
-2.0%
Gross profit
2,998
2,914
2,741
+2.9%
Gross margin
33.9%
32.7%
30.7%
Research and development
83.9
72.9
64.5
+15.1%
Selling, general and administrative
776
750
761
+3.5%
Operating income
2,238
2,144
1,966
+4.3%
Operating margin
25.3%
24.0%
22.0%
Interest expense
109
137
130
-20.2%
Pre-tax income
2,424
2,290
2,015
+5.9%
Income tax
478
480
524
-0.4%
Effective tax rate
19.7%
21.0%
26.0%
Net income
1,887
1,760
1,498
+7.2%
Net margin
21.3%
19.7%
16.8%
Diluted EPS
$8.49
$7.94
$6.78
+6.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,265
2,970
2,534
+9.9%
Capital expenditure
2,509
1,990
1,568
+26.1%
Free cash flow
756
980
966
-22.9%
Free cash flow margin
8.5%
11.0%
10.8%
Depreciation and amortisation
1,185
1,083
971
+9.4%
Share-based compensation
53.5
41.2
38.8
+29.9%
Dividends paid
1,104
994
898
+11.0%
Dividend per share
$5.18
$4.58
$4.25
+13.1%
Diluted shares, weighted
222m
222m
221m
+0.3%
Shares outstanding at period end
221m
220m
220m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
12,080
11,054
10,858
+9.3%
Non-controlling interest
363
335
319
+8.5%
Debt
7,908
3,326
3,813
+137.8%
Operating lease liabilities
336
n/a
n/a
Other liabilities
4,482
4,228
4,189
+6.0%
Total liabilities and equity
25,168
18,943
19,178
+32.9%
Fixed assets
11,965
10,338
9,924
+15.7%
Goodwill
892
797
789
+11.8%
Intangible assets
436
420
438
+3.9%
Investments
1,105
166
185
+565.6%
Cash and equivalents
5,253
2,249
2,791
+133.6%
Receivables
1,275
1,260
1,207
+1.2%
Inventory
405
388
396
+4.2%
Other assets
3,839
3,325
3,448
+15.4%
Total assets
25,168
18,943
19,178
+32.9%
10-K for the year ended 30 September 2020, filed 19 November 2020: the filing.