Air Products & Chemicals, Inc. Q4 FY2023 results: revenue $3.2 billion, down 10.6% on the year

Air Products & Chemicals, Inc. (APD) reported revenue of $3.2 billion for Q4 FY2023, the quarter ended 30 September 2023, down 10.6% on the same quarter a year earlier. Net income was $693 million, up 18.8% on the year, and diluted earnings per share $3.12. The figures are the company's own, from the 10-K it filed with the SEC on 16 November 2023.

Revenue$3.2 billiondown 10.6%

Net income$693 millionup 18.8%

Diluted EPS$3.12

QuarterQ4 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	3,191	n/a	n/a	n/a
Cost of revenue	2,207	n/a	n/a	n/a
Gross profit	984	n/a	n/a	n/a
Gross margin	30.8%	n/a	n/a
Research and development	24.7	n/a	n/a	n/a
Selling, general and administrative	233	n/a	n/a	n/a
Operating income	739	n/a	n/a	n/a
Operating margin	23.1%	n/a	n/a
Interest expense	48.0	n/a	n/a	n/a
Pre-tax income	841	n/a	n/a	n/a
Income tax	154	n/a	n/a	n/a
Effective tax rate	18.3%	n/a	n/a
Net income	693	n/a	n/a	n/a
Net margin	21.7%	n/a	n/a
Diluted EPS	$3.12	n/a	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Capital expenditure	1,463	n/a	n/a	n/a
Depreciation and amortisation	357	n/a	n/a	n/a
Share-based compensation	14.1	n/a	n/a	n/a
Dividends paid	389	n/a	n/a	n/a
Diluted shares, weighted	223m	n/a	n/a	n/a
Shares outstanding at period end	222m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Total assets	32,002	n/a	n/a	n/a
Cash and equivalents	1,617	n/a	n/a	n/a
Receivables	1,700	n/a	n/a	n/a
Inventory	652	n/a	n/a	n/a
Goodwill	862	n/a	n/a	n/a
Borrowings, as the company tags them	10,292	n/a	n/a	n/a
Operating lease liabilities	631	n/a	n/a	n/a
Shareholders' equity	14,313	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,191	2,997	2,930	2,986	3,188	2,932	2,916	3,023	3,167	3,102	3,172	3,161
Cost of revenue	2,207	2,067	1,992	2,006	2,104	2,016	2,054	2,040	2,146	2,108	2,184	2,125
Gross profit	984	930	939	980	1,083	915	862	983	1,021	995	987	1,036
Gross margin	31%	31%	32%	33%	34%	31%	30%	33%	32%	32%	31%	33%
R&D	24.7	25.7	25.4	27.0	22.1	22.0	22.9	24.1	27.3	20.4	21.6	21.5
SG&A	233	238	241	235	228	242	222	223	219	229	227	219
Operating income	739	667	637	738	2,424	644	-2,328	791	16.8	734	753	-2,097
Operating margin	23%	22%	22%	25%	76%	22%	-80%	26%	1%	24%	24%	-66%
Interest expense	48.0	53.5	59.9	55.7	49.7	42.6	42.2	61.4	67.8	54.5	49.5	49.4
Pre-tax income	841	757	711	850	2,503	790	-2,243	891	121	851	884	-1,938
Tax rate	18%	18%	18%	17%	22%	18%	n/a	18%	92%	19%	18%	n/a
Net income	693	609	572	697	1,950	617	-1,731	714	4.9	678	710	-1,441
Net margin	22%	20%	20%	23%	61%	21%	-59%	24%	0%	22%	22%	-46%
Diluted EPS	$3.12	$2.73	$2.57	$3.13	$8.75	$2.77	-$7.77	$3.20	$0.03	$3.04	$3.19	-$6.47
Operating cash flow	n/a	627	802	1,261	n/a	812	328	856	n/a	901	1,104	1,305
Capital expenditure	1,463	1,446	1,669	1,607	2,075	2,118	1,892	1,496	1,518	1,251	1,108	996
Free cash flow	n/a	-819	-868	-345	n/a	-1,306	-1,563	-640	n/a	-350	-3.9	310
Dividends paid	389	389	389	394	394	394	394	398	398	398	399	403
Shares outstanding	222m	222m	222m	222m	222m	222m	223m	223m	223m	223m	223m	223m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 September 2023, filed 16 November 2023, accession 0000002969-23-000047: the filing on EDGAR. All of Air Products & Chemicals, Inc.'s filings: EDGAR company page.

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